We have been reading books and doing research, but no boots on the ground yet, so we have no idea on the time frame.We will only have enough for a 5% down payment for a 150 unit by the end of the year.

The original lease would still stand, but you can have them sign an Addendum just to acknowledge the switch of ownership of the lease ( you) and where payments are to be sent and how they are to be made out, or if online payments, how to pay. you can not physically change the rent and i wouldn't bother re writing it on your co. letterhead, that would be a waste of time and a headache.

***Renting in the area is thriving because people are unwilling to pay market value for a house, unable to save for a down payment or uneducated on the minimal cost barrier of entry to home ownership.

This is my plan; I plan to receive a gift from my parent which I hope to use as a down payment for the property.

For example, there was a triplex that is out of my current monthly payment range; however, with the potential rental income, the mortgage payments will only be a few dollars over. 

Can you show a rent payment history for current Tenants/have they always paid on time?

If I didn't realize before that this was the expensive and slow way to go, I sure did after writing that down payment check.

Then on Jan 8th, 2013 the same company recorded a withdrawal of notice of election....I was behind in 2012 on purpose because I was advised to pursue a program to reduce my monthly payments on the house using a government program.

I cannot afford a higher down payment than ~4-5% right now, which brings me to my main question: is Harrisonburg VA a good market to start out in?

The answers to those questions may affect whether it's more favorable to keep it (so you can RAISE rents regularly, and reap the benefit of future capital gains), or owner-finance it to another Buyer (thus, why not demand a sufficiently high down payment so that you can invest in ANOTHER?