I am not looking to provide monetary donations to other community programs, but would be willing to invest significantly in some sort of community outreach program of our own. 

There are some instances where it makes sense to file MFS.The big disadvantage to MFS is that it disqualifies you from claiming some of the major tax credits and deductions available to those filing jointly.I would recommend you consult a professional to help you sort it out.Hope that helps.Ed

Keep in mind that HML will require you have some skin in the game and have money to rehab. 

Often times they have lots of experience with all sorts of repairs.

I have 0 experience doing this, i've only been listening to podcasts and browsing the forums for the last 6 months, so this would be my first real estate deal of any sort.  

On top of the units that I own, my family has over 100 rental units in Central MA and all are self-managed, but we also have a construction company and de-leading company under the umbrella, so it's been a vertically integrated sort of deal since I was young.

BUT, while its within your rights to not rent to them, it's within their rights to sue you because of some sort of discrimination, whether they have proof or not.

@Malgorzata Sadowska Students at my school are sort of lucky in that we have a few talks about personal finance, loan repayment, first time loans for houses while in residency, etc.

and they may take a first timer if you have enough skin in the game.. 

Exactly the sort of information I was looking for.