Ok, not completely closed; they allow you to push data in, but then your stuck to see and manipulate in a very limited way.For me this is a deal breaker because if you can't quickly and easily check on the health of your business, you are wasting time and stifling your growth. 

The current PM had delayed two months of rent payments with all kinds of excuses (that is when he did reply, which was rare).

Is there any kind of seasoning or issue I should be aware of with moving into this property eventually?

I suggest you check out Chad Griffiths and Jonathan Hayek.  

During the "fix up" process, you would use a different kind of loan that will end up converting to a DSCR loan once you have tenants living in the unit(s).So, I would need to use maybe a construction loan for the renovations and then convert it to a DSCR loan?

You'll have a small empire by the time you are 30.However, being a landlord involves a lot more than just collecting checks.

Lemos:  Interesting.. does not sound like a secured interest in the note.. kind of like how Peer st. had their partial interest done.

I am kind of new to real estate investing as I got lucky the first two times but now I am looking to invest quite a bit more money and I am slightly terrified. 

What kind of investment strategies have you been considering?

So its kind of fun to see how this all works.