However, I'm a bit hesitant to allow this, as I won't have control over who is occupying the property or how well it is being maintained.  

I had a similar situation in Irvington Nj, a quadplex as well, with four below market tenants. the city's rent control rules: 472-1 Establishment of rents.

I recommend doing as much yourself as possible so you have control over removing the criticals like toilet, sink, shower for as short a time as possible.We just did an 8-week kitchen reno and only missed our sink and stove for 2 days.

@Chris Seveney - All we can really do is control our own destiny.

Having immediate and constant control of property, plus value add is the most attractive part of REI. $300k in liquidity is certainly a good starting point.

Once your money is with the syndicator, it's no longer your control.

If trying to cram a bunch of $ in ASAP and set it in cruise control, make sure you pay in the 7-pay premium.

Every person required to collect the Hotel Occupancy Tax must file a Report of Hotel Occupancy Tax with the City of Austin Controller’s Office[5]. 

This will especially be important if inflation is controlled.  

Most of the time everything goes smoothly, and that gives the posters above the illusion of control.