Significant liability attaches to ownership as well as management.

You can start there, but I know small town politics very well and I'm sure they "omitted" to see the deed restrictions. 

Persons with a criminal record are not a protected class.

Was the property well managed, or poorly managed?

Quote from @Bob Stevens: QYes, I've heard there are some cities where Section 8 pays very well.

If the home was a single family their interest would still be protected values in the areas are up.

You have to stand out from the competition to do well since there are so many rentals there.

She's a realtor as well and we find that no one cares about your properties as much as you, so over the years we've become GC/property manager/realtor. 

@Sasha Josephs that's a question I had when I first started as well.

I realize now, had we done that, it would have appreciated well, especially on the stock side.On that theme, if you have very long term designated reserves, I think you are the captain of the ship.