Our goal is to minimize these evictions and try to rent to qualified tenants.I would definitely consult with an attorney in your market and ask him what the next steps are.I wish you luck.Gino

It seems to be a waste of time talking to non-investors about your investment deals.

I mention this as it sounds like you are minimizing your value add to this project.Given the build and hold nature, I would recommend finding a qualified GC and give him the contract.  

I've heard mixed things about investing in low income neighborhoods such as the quality of tenants, the actual profit gained from renting in these areas can be low/minimal, and crime associated with these environments.

Let them pay for what they use and they'll waste less. 

They don't care what the "real" value is and so paying for an appraisal is a waste.

I wasted so much time and effort with previous agents.

What are the potential pitfalls to this other than the obvious such as, I buy a lemon and waste a ton of my 401k money. 

Most banks won't do this small of a park so you'll want to start having that conversation with the seller about seller financing now before you waste too much of your time.  

The incorporation cost are quite minimal in comparison to the cost of acquiring a property and possible exposure you would have personally if things go left.