With some of my clients, I've seen discounts of 30% to 90%.Here is a real-life example: I invested in a $50K note; it was second TD but with significant equity (over $200K) protecting my investment.

There is no 100% guarantee out there.Managing your property properly and having great insurance are probably the two best ways to protect yourself.

It will protect you for cheaper without the additional complexity.

Pay special attention to #4 and #5.An LLC is useful for two things: anonymity and legal protection.

The more units the better, because you are better protected when you have move-outs.  

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Protecting your asset is sometimes a  factor in an upgrade.

It’s our responsibility to protect each other from harm and uphold the values that build trust and success.Unethical practices not only hurt individual clients but damage the reputation of our entire industry.

Good insurance, particularly with an umbrella liability policy provides very adequate protection on smaller assets. 

So you could form a partnership but it would not be allowed to purchase the property, so you will not be fully protected legallyThanks for clarifying that they're not a first time buyer program, I am not sure why I had that confused.