I am also have issues with this construction group....

It also allows the manager to work directly with the insurance company to resolve issues efficiently.In Texas, this is part of the standard Texas Board of Realtors Property Management Agreement and is considered an industry best practice.

The issue is the down payment is over $250k and no one has that or is willing to fork over that amount.

There are probably a lot of hidden issues wiht the house.

The only issue is of course it will be expensive to bring a photographer 3-4 times!

Tenant issues?

One downside of MF can be the age, and insurance can be a big issue.

I am remembering a lawyer friend advising her parents on land issues.

The issue I see most is the cashflow gets crushed by HOA fees and the added headaches of having them tweaking rules etc. 

There are also ways to go about mindset shifts if that's a serious issue, but I don't know, it sounds like you've spent time with this property, you know all about it, and you have a bunch of other stuff going on in life.For instance, you decide not to raise rent all the way to market rate....This is probably a good move if you hate maintenance calls and your tenants know to handle some maintenance themselves because they are getting a bargain deal.