The purchase price is $325,000, and as part of an end-of-year incentive, DR Horton bought the interest rate down to 3.99%.

You've become part of an excellent platform for networking and education!

I think if the end result is affordable housing people need to be invested in their own housing otherwise a good percentage of the beneficiaries of your program won't care.  

We care deeply about creating strong relationships with our residents and our property owners. 

Secondly when I was more involved with CA RE in the LA basin. 

I believe it tends to give me a slightly lower return, because the sponsor is going to be more careful, and if there is a severe downturn will prevent me from taking catastrophic losses.

I am very conservative so I want to be careful in how I frame expectations. 

They aren't spending their own money, so they are less likely to take care of the rental or follow rules.

Have you spoken to local fire officials who would burn it down for you as part of training. we were able to do this once where we coordinated wiht local fire department and they burned it down for us and took care of it as part of their training. 

As others have stated, your fit & finish goals should be guided by whether you plan to:1) Rent: tenants don't always take care of a property, so you want to use lower-grade materials and workmanship.2) Flip: higher quality on workmanship and materials is usually required.Regardless, you always want to "Maintain to the Neighborhood".