It's mostly a market for the corporate investor in multifamily--think blocks of garden apartment complexes.C is lower middle class and lower class but safe. 

People here tend to stay in their homes for a very long time so if you buy a rented residential property it's seen as a safe investment.

Your best bet would be to put 3.5% down with an FHA loan. 

Downtown district is so expensive but Gulf Hills is a little better and seems like a good bet, especially with the new owner of the GH Hotel. 

They are taught to leverage, leverage leverage......and don't understand the risk.In my opinion, you are very close to being able to leverage safely with less risk.One thing you can do (keep your partner out of this transaction) is take the three deeds you have, find a local bank willing to work with you and leverage the deeds into a line of credit.Chances are it will be interest only loan, but you will have cash available when needed to purchase additional properties or for emergencies.

Second is in CFPB and or SAFE Act violations, these concerns are for owner occupied residential properties, although even commercial lenders/note holders can be in certain situations successfully sued for wrongful foreclosure, etc.

Best bet is to just collect all the information and make your own decision.

While yes, I want to make money, I also want to provide safe, clean affordable housing for people currently living in my conditions I had to be raised in.I love reading/audio books!

@Peter Amendola excel/google sheets is your best bet.

Lenders don't want to deal with defaults so they put up obstacles to safe guard themselves in the form of cash requirements.Plan of having 30%+ of the total project cost in reserves.