While I do want to remain within the guidelines of the forum and not solicit business, I do not know how to make myself of value to a potential mentor without some solicitation. 

Units remaining empty for months on end.. and to top it off when we cancelled the contract with them and applied for their six month reimbursement of management fees, WE NEVER GOT THE REFUND,... and I could go on.

Does the house remain in the owners name or does the title or deed get transfered to my name.

Hence, they remain relatively flat in price.  

Our federal return remains the same but our state return is about $1000 lower than normal because CA doesn't have capital gains and it is taxed as normal income.

(From this, if mortgage owner pay regularly from the beginning, then remaining 22K makes sense)Another thing is that owner processed a line of credit (100K) against the property in 2007.

HUD wanted me to either overnight the funds or drive to the title company to give the remaining deposit by this morning, according to the broker.

At the end of the holding period all remaining capital will be inject into kitchen and bathroom.

so when I see the report,  it will show that 2 toilets went to one house,  the remaining 3 went to 3 different houses. yet,  it was just a single transaction.. but it requires diligence and you to be on top of it daily or at least weekly. 

How the laws pan out over time creates all kinds of weird distortions, much higher rents for the remaining units available (and higher fair market rent increases over time), portion of slummy buildings over time, less availability for new people coming into town and locals' household formation, etc..