Positions like these can provide valuable exposure to different aspects of real estate while helping you network with other professionals.

With the exception of finding the tenants (I use an agent) I manage all maintenance aspects of the property but am coming to a point where I might want to move on and considering doing a 1031 exchange to of course avoid Cap Gains and invest in another property closer to my primary residence.

So, I think these finer points probably vary from state to state but overall its exactly as you described.

Now, despite this it is profitable, but key aspect is the special annual grants they get for having that % of total portfolio as subsidized housing.

Hopefully someone with a stronger intellect with spreadsheets will comment on that aspect.  

I wanted to try my hand in self managing for the rest of this year, mainly for the experience aspect.

Natalie did a great job explaining the technical aspects of deducting BPCON travel costs, but her post assumes that an investor already operates their business, which you do not.

There are actually several aspects to investing, so it depends on which aspect you mean.

But, if you're planning on staying in it for a few years I wouldn't worry about the cash flow aspect as much at this point.

I am not familiar with Philly or the technical questions you pose.I am thinking of this from a purely investment aspect.