My interest would be to preserve them and to make such properties livable and up to code, but mostly affordable as well.

@Trey Crusey, the laws changed dramatically about reimbursement for preservation improvements.

Then, add up the cost of all of your preservation improvements.  

@Jon Holdman used to be rather meticulous about editing content that violated rules while preserving the content that was worth keeping.

But since this will be my first rehab (all my previous investments have been new construction or presale), I may go ahead with a loan in order to preserve capital for any rehab "surprises."

A white paper was attached to the front window advising to contact the preservation company or chase in case of an emergency. 

Anual Returns (Including proceeds from sale on a 5 year hold): 15-22%In regards, to trustworthy multifamily operators that bring in passive investors as Limited Partners, there are many around the country that are doing a great job for their investors and that work out of integrity and transparency first.Just as an initial tip, focus on finding people/companies that not only have a good track record, but that have capital preservation as the main goal and capital growth second.

And does that include property preservation stuff like ...

Have vacant house need yard mowed & fs sign put in yard. Any suggestions of reliable indidividual or small company?

So you just want to be sure and preserve that status.