I have read J L Collins simple path to wealth and he recommended vtsax because of the fees being incredibly low.

Lots of development that comes on-line 2 years late.All that being said, there is one market for high rise condos and different market for homes/ low rise property.

The vacancy % seems a little low to me.  2% means that in-between tenants the unit will be vacant for only 1 week each year. 

Two, more importantly, it works now in certain parts of the country because of their low capital cost basis and more importantly, the current low-interest environment, which allows them to own SFR as rentals with bare positive cash flow in lower-priced markets.

It would take a 4.5% ROI just to cover your admin costs and break even.You could look at simply opening a self-directed IRA with a low fee custodian like IRA Services Trust Co in the Bay Area or Kingdom Trust Co in KY. 

We are thinking about giving them a one time reduction in rent.

You can purchase with a low down payment for example 5% with an FHA loan.

You provided a good example whereas you have a minimum score standard regardless (500) and then you also look at a combination of a low score vs. bad debt. 

I quoted Cardinal Kitchens and then Cardinal Kitchens via Lowe's and the price through Lowe's was actually a little lower.

Buy when market is high, buy when market is low.