The syndicate ran out of cash reserves and doesn’t have enough to purchase the required replacement rate cap.Foreclosure/DIL/short sale may be the best option.  

You want to ensure that your lender is doing their upfront due diligence on the deal, has programs to get the deal done if the final numbers come in different(low DSCR requirements, favorable rent guidelines, etc), and is offering you excellent customer service.

What all was required to be shared?  

We are considering taking out the required cash to make up that total from our savings, brokerage, and 2x TSP loans from our individual accounts.

We've thought about subbing out to a proper "property management" company but we really don't need help collecting rent or expenses (this is all done electronically online) or even finding new Tenants on the odd occasion when we have an Apt turnover (we use Brokers for that) ...

Housing is always a plus and depending on the location the city might be willing to reduce required parking for the location depending on the circumstances, street parking, or walkable public lots. 

Also, in the right areas in Tampa it seems that a STR could be great, and my fiancé does have enough free time to cover the extra time-commitment a STR would require, that part wouldn’t bother us. 

Some will accept lower FICO scores than others, some require that you close in an entity, some won't allow first time homebuyers....just some things to keep in mind. 

Online Rent Payment (please tell me you still don't collect rent in person).

Many states require property managers to be licensed.