Before you attempt this consult your command JAG officer for advice, It's free , and if by slim chance they sign off on an opinion letter, it may help if you find yourself in legal trouble.

Many newbies overlook this in underwriting.I know it is exciting submitting an offer, however, this deal looks slim with no margin of error, which I personally would pass on.

The cash flow margin feels so slim. 

@Thomas Stanley I second the recommendation to keep the security deposits in a separate account, if only to keep your bookkeeping and record keeping easier.Also, this is an unlikely/slim chance, but if you were ever asked about, in eviction court, how you handled the security deposits, I think it's a mark of professionalism to have kept them in a separate account.

@Andrew Martherus: multifamily inventory is VERY slim in the Phoenix area.

However, I just renewed my lease so the chance of me doing a live in project is slim until a year from now.

Your cash flow is only 3k per year that's a little slim for my liking.

Seems slim but I don't know your market. 

The odds that all parties will pony up on a loss is slim. 

There is nothing wrong with “interviewing” or getting quotes from contractors, just don’t do it when you know they have a slim to nun chance of getting the job.