What plan does the buyer have in place for set backs such as real estate market down turn, major repairs etc.

You can always put in sweat equity to do repairs / renovations but you still have to pay for supplies and other associated bills.4.

Add at least $3k per year to any repair and maintenance expense you’ve assumed in your expenses calculation 6.

So at a  minimum you need to be firm that the rent is enough to cover your expenses (including insurance, PM fee, capital reserves for repairs)I'd go on Facebook Marketplace and on any Facebook Groups you find for KSU Housing and post it there (at a rent rate this is actually covering your expenses) and see if you get response. 

Depreciation helps reduce the taxable rental profit, potentially bringing it to zero or even creating a loss, which can carry forward to offset future rental income or other capital gains.For high wage earners, other tax strategies could include leveraging cost segregation studies to accelerate depreciation on rental properties through bonus depreciation, taking advantage of tax-deferred exchanges (like a 1031 exchange), or maximizing deductions related to property expenses (mortgage interest, property taxes, insurance, repairs, etc.).

You won't know the ARV correctly or the repair costs so your budgets will be crap.

You should only do cosmetic repairs.

There is always the risk that after you do the repair, the the system fails quickly after that. 

The repairs required by Section 8 after the initial inspection were pretty minimal, but I've heard that there are grants and certain lending programs that were available for Section 8 landlords (such as the Community Investment Program).

This is a "repairs".