I can go Home Equity Loan route: HEL would equate to roughly a $600 monthly payment (dependent on rates).

I have some cash, but likely not enough to fund a purchase without bank financing, and especially not when factoring extensive rehab costs into the equation (may need to up my knowledge on creative financing to bridge this).

And then the tenants pay the more variable amounts so it takes me out of the equation if they decide to use more energy during certain times.

That being said it seems you are in the prime position to remove the largest variable expense from your equation. 

Be careful when you start thinking other sales will equate to the same numbers for your property. 

As a percentage closing cost as percentage goes down as value increases but we will 15X to account for closing costsNo cash flow per OP.2% market appreciation equated to 30% + 15% = 45% 3% market appreciation equates to 45% + 15% = 60%4% market appreciation equates to 60% + 15% = 75%Recognize in virtually all markets the cash flow increases with hold length especially if a fixed rate loan. 

Also, at this time I had seen properties selling for 10 – 20% over ask regularly.Interest Rate 30 year conventional 7%Homeowners Insurance = $1,000 annuallyRents = $1,800 per monthWhen I looked at those assumptions, I would need to put down $80,000 on this house to get it to hit my cashflow goal of $500 minimum per month which equates to 35% down.Total mortgage + escrow = $1,267.13 per month with rents at $1,800 my monthly cashflow is $532.87.From my experience, after taking out vacancy and maintenance costs you are left with around 73% of that total cashflow number once the rental is established.People have asked why a $500 per month cashflow goal.

Part of the equation is how much equity can be drawn from your property as well, this would also be a question for your lender.4.

I have seen all sides of this equation, self managing my own properties locally, but moved with the Navy 1000 miles away and managed the same rentals from afar, and had friends here in Memphis that had 18 properties and had them all with PMs with varying levels of success, some bad and some great.Self-managing brings about an additional level of responsibility that most of the time is fine, but that is not what you hire a PM for.

If so, shifting that to the tenants at the time of lease renewal is another great way to decrease her overall debt service.Other good ways to increase revenue in the mean time:- Raising washer/dryer prices. this may only equate to $4-$5 per unit per week, but its better than nothing- If there are any unassigned parking spaces, meaning not attached to any lease, make them paid only any offer them to tenants at a new fee.