I have a property in Memphis that the property manager has been managing fine for > 5 years and they recently became unresponsive to calls/emails and have missed sending payment to me. 

(I am not a lawyer, just a 20+ year former HOA manager).

You could structure a joint venture agreement but make sure you lay out the following: - Purpose of the Venture- Contributions- Ownership and Profit Sharing- Decision-Making- Management- Duration and Termination- Liability and Risk Allocation

My PM, Kristy Trentman with Daisy Lane Property Management was there.

The second is an 8 unit and cash flow and management were too poor starting out to finance it.

Exact is the opposite of the goal...buy in growing areas and add enough value (force appreciation) where precision of execution, management, or valuation is not needed/relevant.

And to manage 10 homes with a 9-5 is a PITA even with a management company.

I would send your client to a really great architect like Jones Pierce who has the expertise to get their dreams onto paper and properly manage the homebuilder. 

I could also increase the NOI by taking over management myself.Seller is motivated to sell because he's out of the area and trying to consolidate his holdings for easier management.  

I also manage for some folks who buy $100k and rent for $1400 so there are a few ways to make the numbers work.This is a snapshot of Zillow...in the nicer areas you can buy most anywhere since you are sniping the rental-grade properties amongst the owner-occupied prices.