Prior to 1976 they were considered pre-HUD. 

Giving up after 5 offers would make me leery of considering you as someone to arbitrage my unit. 

This is an option to consider and many larger banks/credit unions and nationwide mortgage lenders have released new loan programs allowing 2nds, HELOANS and HELOCS.

Just make sure to read the management agreement carefully, the monthly % isn't the only cost to consider!

Also, consider this copy & paste advice below:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

I’m almost 65 I have about 3 million in property and am strongly considering finding a non profit I believe in and gifting 2 million to them- you don’t have to pay taxes if you do that but they’ll take 5-10% of sale.

If you are considering this approach, I suggest you buy an A-class property in a landlord friendly city and get a PM.

The return on equity is probably very low considering they are paid off so maybe explore refinancing or selling the lowest performing one(s) or your biggest headaches to reinvest in more lucrative deals.I noticed you also used a metric of number of rentals to attain your goal rather than $$$/month.

Just another factor to consider - if you want to keep your monthly payments the same, do not under any circumstance swap the debt over to some other debt instrument.

Key points for buyers to consider: the $65K rehab budget and timeline (45-60 days) are realistic, but transparency on rehab details and potential delays will be important.