I see this as you wanting to sell and taking your friend to the corner of Hope and Desire without having bus fare  to finish your trip.

Price is definitely going to need to be lower unless this is a super desirable area.Gross Rent $414,000Vacancy Loss $33,120 (8%)Management $41,400 (10%)Interior Repairs/Maintenance $20,700 (5%)Property/Liability Insurance $12,000 (rough guess, used $300/door/year)Property taxes $40,000. 

There are proper legal structures that would fit exactly what you want to do that already have legal president based on others who have desired to do the same thing as you propose.

The key with any group, is to find one that works for you, your personality, your desires.

This is a test of how strong your desire is for success.Regards

I have one client that I have been building a rental portfolio for and we are now on his 4th rental property that he plans to purchase in the 4th quarter as we picked up the 3rd during this last quarter.Although the cap rates will be thinner than other markets, you do have location working for you in terms of desirability.

Define your desired parameters- and then find the areas that meet those needs. 

Depending on the tenant 25/mo shouldn't rock the boat too much if you desire is to keep them in the unit. 

Unless the lots are highly desirable, I would think it may be difficult to find buyers and create paper on them.

I have an interest in two properties which I think are very desirable on Central Freeway in Wichita Falls Texas (account# 100283 and 100284).