This results in you basically lending the fund money at an 8% rate which (especially in increasing interest rate environments) could soon be relatively cheap money. 

Tertiary cities seem to have a favorable macro environment too.OthersAs others have mentioned there are plenty of other options.

The new neighbors smoke marijuana and cigarettes for hours on end every day causing a hostile living environment.

Are you a vacation all inclusive experience package or a nice place stay while the guest DIY the vacation activities?

An Alternative is a AITD or All Inclusive Trust Deed.

The political environment may not be prime for this type of thinking/investing. 

All inclusive of workman's comp and the rest of the red tape.

It would also leave you wanting to refinance all of your properties in a few years out of the high interest rate environment we are in currently, which would come at a pretty high expense of no less than $3000-$5000 per property. 

By pooling resources, we create a sustainable environment that benefits everyone involved.

However, in today's interest environment FHA, low down payment loans are horrendous once you add PMI to them.