Aside from the deal itself, managing the managers and a cut of the monthly cash flow - I don't know what would be considered 'attractive'. 

I would argue that anything under these minimal expectations probably isn't even habitable and wouldn't attract a non section 8 tenant.

By doing this it'll leave a little room to lower rent if I to attract a better tenant.Anything im missing on this, much like my first deal, it all seems too good to be true, and i want to make sure im not missing something.Thanks,Nick

Most FSBOs attract investors looking for deep discounts.

To mitigate this issue I've attracted some modest family/friend money into a fund that will act as seed money for down payments, partial rehab costs, holding costs, etc.

I know in my city of Sioux Falls that when we have made it on many lists and it attracts people to relocate.

Va has no an low down payment and attractive rates.  

If you decide to sell the note later, is it structured in a way that will be attractive to another investor?

I would say if it a retirement-type community you wouldn't be attracting potential tenants with families anyways.  

Second part of this was if you pursued them did you do renovations to attract this or did they do Reno as needed to be conforming once they came on board?