It sounds like you have it under control.

Are you willing to give up control?

I was thinking of minimizing income taxes if you ever sell the property but minimizing property tax will be more important if you continue to hold it.Implied in Deanna's comment above is that control is not the same as ownership.  

Simple, the board controls who they hire as a management co.

hi my names Joe, ive recently became a pro-member but have been on this site for a couple months now, i"ve listened to 100+ podcasts, mostly the ones that pertain to multi family and apartment complexes but have ventured into the other podcasts on flipping, wholesaling, etc.I'm bases in northern KY (Kentucky) and have established a good CPA and lender to help me with my future purchases. would also like to meet with some local investors if there are any around me, i've been in touch with a couple good friends who have became realtors and have been set up on MLS. but am always looking forward to meeting new people and analyzing areas that look like good places to invest.myself and a co-worker both are interested in getting into rental properties  I personally have 30k in my 401k that I would like to invest into real Estate as opposed to keeping it in.Both me and my friend don't have to much faith in the stock market and would rather take control of our investments.  

This is an effort to control high density zones in the City - - and that's not uncommon.

As I am a newbie, I try to get involved and control the costs as much as possible. (2) My initial( and possibly naive) plan is to buy a house with $30K in cash, spend another $15k to  $20K on rehab, with the targeting APR value to be 80K or above.

My wife is surging and paying all expense on her salary alone.Keep control of everything you are responsible for.  

When someone goes to appraise a commercial property, they take the NOI (which you can control, but lets assume its constant) and then divide that by the market cap rate to reach a market value.Yes, you can achieve different individual cap rates based on risk profiles of the property, how motivated the buyer/seller is etc, but in general, the market sets the cap rate.  

Not knowing your background and only assuming this may be your first or largest purchase, if the manager is doing a good job consider keeping them on until you get control of this property say 3-6 months or you find someone that specializes in 10+ unit properties.A property manager can be your best friend.