I got a feeling that life as a Private-$ Investor may be a great place to start, and these properties lend a perfect means to testing that out, solving 2 issues in 1 action, because you can JV your way out of the operational side of things AND retain that long term financial upside. 

My observation is that the city for the most part looks the other way on on renting all 3 units out.  

You'd retain full ownership and profits.

Then observe the result.

Without rent credits, the seller retains all rental income, but the deal might be less enticing to buyers. 

However, from the perspective of the tenants I know, including friends and family who are Section 8 tenants, I have observed some concerning behavior.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Retained cash-flow.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Good observation.