The reason is to cut down on turn costs and reduce maintenance costs.Another example is the external door locks.

In your example you have a 1.8 million purchase price, plus closing cost (assume 10% add), you have 34 units, and we will say we will sink 12k into each unit, with maybe 2k of that going t external improvements.

I contracted to re-side the exterior, replace the electrical panel, install external sewer clean outs and I'm in-progress installing LVP flooring in the basement from a "welcome to homeownership" sewer backup and flood within a few weeks of moving in.Annual return below reflects after moving out.Keep on crushing it Ryan!

But even if it takes a plumber it should be about $150 probably if it an external repair... or if it gets into the valves, probably $400 (where I'm at).  

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. 

I know all of the standard answers:- find external investors- be rich- syndicate-bla bla blaI have a business partner and and combined with we can come up with $200,000-$300,000 which I know is a drop in the bucket here, but what (if any) creative options could there be to work with the seller in some sort of seller-financing deal? 

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.