However, there are no actual renters portal or maintenance submission forms - rent collection is straightforward.

It's an investment into the property, and if/when they move out or even if they're there you can now add a traditional dryer to the property and collect additional rent.

Just be aware that the city is underdeveloped and you might want to be extra careful when choosing tenants to make sure that you'll be collecting your rent every month. 

I have no need for the rent collection or tenant screening as this is a function my property manager does for me.

I personally collect a security deposit and get the damage protection waiver for added protection.

Unfortunately, even without a lien, HUD can still collect as you signed a promissory note.

. $550  / mth * 8 unit = $4,400 * 12 mths = $ 52,800 GRI  ****not $53,800****The formula for CAP = NOI/PriceNOI = [GRI - V&C loss + OI] - EXP  *****You did not subtract for expenses to arrive at NOI nor include a vacancy and collection factor****Assuming expenses are 50% and 100% occupancy (which 100% occ is not realistic all the time).

Would 1st lien position and rights to collect the property if I default be considered skin in the game? 

Either define a set period of time that you will serve as a manager for no cost and then collect xx% of revenue as a management fee before splitting profits.

Have you ever had a pet cause more damage than the fees you've collected?