If so, you can count on your "economic vacancy" being a lot higher than what you are projecting due to non-paying tenants, plus higher and more frequent turnover costs.We would really need more information that what you provided. 

Smoking was not prohibited, in fact when we specifically asked if there were smoking/non-smoking units, we were told they had no non-smoking units. 

Check if any cable providers in your area are offering gigabit internet - that is a huge plus that will require no maintenance once upgraded.

In terms of analyzing markets:• Does the area have good access to public transportation?

Third and this is just some advise I provide my Chicago clients, consider taking a half months non-refundable administrative fee instead of charging a security deposit. 

Are you able to get 4.25% on a 30 year note for non-owner occupied?

Then I would request to be placed on the agenda and I would attend the next board meeting (hopefully with other landlord / owners) and formally request that they waive the record keeping fee or publicly offer to volunteer as a "landlord" committee to keep track of the info for them for free.

I previously worked for a non-profit developer and the developer's you want to work with will not only be established, but have experience working with various tools and funding sources particular to non-profit organizations.

@Jimmy ReadyYou can contribute up to $5,500 to an IRA per year and this is an addition to being able to contribute to your employer 401k plan. https://www.irs.gov/retirement-plans/plan-particip...When an IRA invests in real estate and the IRA does not have enough funds to fully purchased the property, the IRA can obtain a non-recourse loan.

@Phil Glantz We’re you purchasing non-performing notes such as debt purchases from creditors, or actual performing notes such as that of a business to business receivable?