The benefit to the Manager is that they're able to seamlessly add inventory to their portfolio and have full-control over how they price rates and run the operations. 

If you do touch up paint when the original paint is a few years old it won't blend in and it will look bad.

So there's lots of blurring the lines and blending definitions on housing in this market, so I wouldn't worry too much about townhomes vs. condos. 

They are a good blend of solid tenant pools, lower (in the case of NJ) cost properties, and high rent rolls.Specific areas are:Winslow - In the areas the are turning around many properties pass the 1% rule and can provide stable tenants (Camden County)Glassboro - Rowan Uni all day (GC)Clementon - Good rent to price ratio and decent tenants (CC)Stockton Area - More university (AC)Folsom - Lower cost, good tenant pool (AC)Monroe Twp - Prices decreasing due to issues with school district, issue will be temporary (GC)

Some siding, particularly stucco, can be especially tricky to work with since you need to bust out all the stucco around the window to R&R it, then know how to blend and texture-match to repair it.If you're doing it yourself make sure you know local building requirements so you don't create a code violation for yourself - know egress requirements, where you need and don't need tempered glass, and minimum U-factor and SHGC.

It says right on their landing page that it offer “home equity cash back” so a blend of credit card and HELOC. 3% to 11% variable interest.

For you it should be a seamless affair that involves you simply selling and then buying as you normally would.You could approach any of the folks you mentioned - title co for buyer, attorne  y, QI company, to handle your exchange.

Not to mention the PMs attached to the quality providers make the process much more seamless.

I'll see if I can find a better way to describe...Basically - trying to understand what I would need to achieve in terms of value creation during the renovation process while under the 203k to be able to seamlessly refinance into a conventional product when everything is finished. 

Maybe a blend of flips & rentals is required?