I work with many investors from Bigger Pockets in the Atlanta market and have access to both on and off market properties.

Quote from @Jinglei Shen: Seller is a real estate agent, based in Ohio, he owns an LLC to flip house and invest in RE, this property is owned by this LLC. 

We don't have a ton of extra income to be saving for our next investment property and 2.

(FWIW,$8K on just the compressor seem excessive.)Otherwise, unless your contract with your GC says they will provide 24/7 surveillance, or you can prove the AC was never installed, you own the problem.If the property has been vacant for more than 30 days, most policies won't cover vandalism unless you have added a Builders Risk Addendum.

Its much harder to turn a property around in 6 months expecting to have 100% of your money returned back to you - but if you focus on the right property focusing on highest and best use with an ADU add (like mentioned), in-fill/lot split, or other rehabs - then hopefully a semi-decent property like that will perform like a champ in a few years. 

In a handful of years you've got a few properties, and you're on your way. 

The turn key property is on a tiny island in the Chesapeake Bay in Maryland called Smith Island.

Quote from @Dan Shuder: Not all property managers are equal.

Property manager is generally around 10% as well. 

I would like to purchase a three or four Plex and live in one of the units.I understand I can use an FHA loan or conventional loan with only 3 to 5% down in order to get into the property however I live in a very expensive area and the properties I am looking at are currently 700+.