Your last paragraph was very important as I learn about buy and holds…don't bet on appreciation.  

Never buy a property based entirely on price trends (people who bet on appreciation lost their shirts in places like florida).

Bet on real estate, bet on yourself with education, and bet on your military career.

I would not bet on appreciation, especially if it is in a rougher area.

Thats looks like a standard C or so in Miami.  

Which I would not bet on given the fiscal outlook.

It doesn't matter if you roll them into some sort of blanket mortgage with a local bank, as it is all based on # of financed properties, NOT # of loans.Only if the property is held (both deed and mortgage) in a C or S Corp, is it excluded.See Page 230 of the Fannie selling guide (Nov, 2012 version) under the "Multiple Financed Properties" section.

You won't be "asssuming" a loan out of foreclosure, I'd bet on it.The loan may be caught up, depends on what's going on.If #2 above, an heir may assume an existing mortgage.

I suspect the elementary school is a "1" or "2" so I wouldn't want to bet on appreciation.You're also pretty close to Atlanta's only war zone (English Ave area) where houses are $10k and crime is a serious issue.

I'd think there would be tons of due diligence involved, oversight on transactions, licensing issues, compliance in various states as well as liability for partners.