My tenant had a medical emergency several months ago and is now in a long term living facility (simply put, she can't be on her own).

This is really our jumping point to determine if we want to carry multiple rentals or just keep it to the one we have in Alexandria, VA.

you simply start making the payments, and the mortgage stays in the seller's name.

Quote from @George Goldstein: Quote from @Theresa Harris: Even if you did buy a $1M house for $500K, your property taxes are based on assessed values and the city uses the size of the home and comparable homes in the area to determine that value and in turn your property taxes. 

You can offer options like reduced rent during disruptive repairs instead of relocation; simply as a courtesy, but absolutely not required. 

Always mind your due diligence to determine if the company you want to work with is legit.

It simply amazes me how many landlords never look at the law until they are hit with a non-paying tenant or some other issue.  

In my mind its simply NOT an appropriate starter strategy..

This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.Since the passing of this amendment, all properties in Michigan have two property tax values associated with them:State Equalized Value (SEV): supposedly equal to 50% of the market value of a property, not based on recent sales price.Taxable Value: the SEV annually capped as long as there is not a transfer of ownership.City Assessors are charged with determining how much property values have changed each year.

These often include a preferred return for the investors and then a pre-determined cash flow distribution schedule between the sponsor and investors that includes the cash flow distribution waterfall based on either the IRR or EMx and possibly a GP Promote.