Will it pay the full PITI plus Capex, management fees, maintenance etc?

There are many reasons why I haven't pursued the arbitrage model, but mainly that it takes too long for the ROI after investing all your time and effort into buying furniture and renting and paying utilities.Let's say you rent an apartment for $1500 and you spend $7000 to furnished it.

At full occupancy, the cash flow I just keep in reserves for repairs or help pay the principal. 

We also see a lot of ground up projects in HCOL areas that do particularly well. 

@Simon Packman Not sure where you’re located but I have Vermont Mutual in Northern New England for most of my properties and the most I’m paying for any of them is around $4400.

I do not have 5 layers of management that make my rates higher, no lender I work with pays for my office space, licensing, benefits, marketing department, compliance department.... 

I would love to meet any real players in the area who would love to pay it forward and help someone green like myself.

I know you want to go full time and jump in, but I'd recommend staying with your day job as long as you can - it makes your life a lot more comfortable to have a steady stream of income to pay the bills every month!

I also have a mortgage on this property paying $683 a month.Now I'm deciding should I continue waiting for a possible tenant or should I just sell the property.

Suggesting to them buying their house for a wholesale range offer or lower dependent on the extent of the rehab, then having a contract in place that gives them a percentage of the profit to help get them back on their feet, paying off debts etc.