At the numbers you are talking about and where the market is heading you could pick up some very high quality NNN national credit tenant properties as commercial continues to recover. 

I'm trying to figure out in my head how fund model would make sense in this type of community. 

I wanted to invest where I wanted to live and I am also from Elgin so am constantly headed further nw. 

Some investors think that just because they are section 8 they don’t care where they live, they just want a roof over their head.  

The bottom line for us is that the financial benefits associated with the deal must far outweigh the risks.  

If can't transfer the rental into LLC and there are compliance costs associated with maintaining it you might consider shutting it down.

I am just trying to wrap my head around at what purchase price does this property cash flow. 

I consider inventory rates, price trends, unemployment data, population growth, job growth all to be relevant to where a market is at and where a market is heading.

Many other projects have reduced or suspended planned CF distributions and I've also had a few capital calls in which I did participate since the business case still made sense (the MF in Florida had a capital call to finish construction and get through stabilization and it still returned the 32% IRR).I expect almost all of the deals to be OK, just later exits than originally projected.I am very concerned about one project and have already written it off in my head.  

You hit the nail on the head...that's where the SFH to Duplex conversion gets financially unrealistic.