I know @Lauren Cutchen is still affiliated with one if not the same from above that she mentioned!

As someone mentioned, the only thing passive about real estate investing is the tax treatment. 

As others have mentioned, having a good ballpark estimate of rehab costs before closing is also smart, and likely required if using a hard money lender. 

Make sure to mention that this violates the quiet hours policy and could impact their lease status.

@John Davey Interest on a home equity loan used to purchase or improve rental properties is deductible on Schedule E as a business expense, but not on Schedule A for your primary residence.

Both Charlotte and Raleigh are very strong growth markets, for all of the reasons that you mentioned.

You didn't mention the higher Florida insurance costs. 

And it could take even longer than 6-12 months to find a replacement depending on the area.The other things to look at carefully are major Capex or maintenance expenses - you didn't mention whether this was a NNN lease.

$6k tax.Ins,hoa, not to mention utilities . took out a HELOC off of our personal home ( res.worth $900k, and a 260sq ft studio, mtr. $1450 mo.) for$ 220,000 for the deposit.

I would mention the damages to mitigate more however and let them know you will be doing inspections in the future because of what you found unless you are always in there anyways bc things keep breaking anyways.