I wouldn't get involved unless you can take possession of the house for a price that makes sense. 

The rich don't own anything, they just control and benefit from things through more and more layers of separation.As @Ned Carey mentioned above, there are fees involved with these structures - it really isn't worth it for all investors.

We are hoping of get some flip's involve to help pay off the low income properties. 

How involved is the city in the process?

. :)That just illustrates to me a fundamental lack of understanding of running a business, actual times involved, actual costs involved. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Some investors prefer to have no involvement in their properties and would leave their PM 100% in control.

Sounds like a great deal, Good job, win win for all parties involved. 

Which leads me to believe the owners are still highly involved.

I joined in July of last year after encouragement from my boyfriend to get involved in real estate investing and I've recently decided to become more serious about it.