These are being issued by local "nonprofits" who are mass emailing landlords pretending to be section 8 tenants.

If central then if it goes out or has issues, you have 20 people calling and mad....and you're the GUY.

The issue is our land value is high, so the structure value is low compared to the overall property cost. 

We are both nurse and plan to travel for a good portion of this time, so 'living' in the small 1br or studio apartment for residence purposes will not be a major issue for us since we will rarely be there.

There's a good chance the issue(s) you face has already been discussed and answered.Ask questions in the appropriate forum.

Can you explain how your company solves the partial note issue? 

The issue is not the contract, the issue is going to be enforcing the contract, the individual who was selling this could hold this up for years and cost you tens of thousands in legal fees, and then they file bankruptcy and stall it another 5 years.

Now I can see some builders having an issue with comps.. but other than that its crazy to take these funds as income and then pay tax and plow it right back in.. 

For instance, said property manager manages maintenance issues, problems that arise during bookings, basically anything that needs a physical person at the property, while I manage the rest?

The quality of tenants could be an issue.