When we moved in we noticed it had not been cleaned hardly at all - kitchen cabinets had well established spider webs with several dead roaches in them, floors turn your feet black from how dirty they are, etc.

But with the internet and our ability to connect with randos and build webs of connections it makes it possible to invest where the numbers make sense.San Francisco, Hawaii, Los Angeles, Seattle, Boston are examples of primary markets which are NOT ideal for cashflow investing.

I would just set it up differently than you have.Make your "purchase price" any up-front investment, such as furniture, decorating, web site, etc.Make your "mortgage payment" the same as the monthly rentMake your "rent" the net rent from the properties less any fees you pay to third parties, such as cleaning, advertising, etc

@Tony Gunter and @Kevin O'BrienIf there was a dedicated listing service on the web for these types of deals, would you utilize it to browse for them?

Basically right after the prospective tenant(s) fill out their paper application you input the name, email, etc. into the web site and generate a link. 

How do I "use other people's money" without getting into a web of ownership/complexity? 

I've researched it some in 22 but it is a bit of a web and I'm no pro.There are ongoing compliance rules and procedures that would seem to require a PM that is well versed in the LIHTC process so as to keep one out unintentional compliance trouble.

We tried to develop our own web-based solution with this and it just wasn't good enough.  

This is starting to show weaknesses in their capabilities and proving to be a hassle with the growing complexity of managing this property mix; Avail being configured for residential and weak at handling rent escalations and charge-backs, and Stessa having unreliable bank connections. 

I can't imagine that any company these days would do this intentionally if they're conducting business on the web.