If it makes you feel any better, I always have to spend tens of thousands of dollars whenever I buy a new property from all the gremlins I discover (or the tenants tell me because the prior owner was a deadbeat). 

I happened to call at the right time and he sold me this property at a fair price AND allowed me to place a tenant in the property prior to closing.

No prior Evictions/Breach of leaseThe issue now is how best to respond to the ones I promised to send applications too.

Like your build, our project is situated on a smaller parcel of land compared to other Towneplace Suites I've examined.

My general understanding of California rentals is that if the building was built prior to 1974 and has 16 units or greater, an on-site property manager is required. 

With 62 pages that's a doc package this prior real estate closing officer can admire.

But if you can get the purchase money loan done prior to closing try to do so.

@Alex Todd, if that property was your primary residence for at least two years prior to turning it into a rental then absolutely sell now and take up to the first $500K of profit.

I evaluate a little closer (along with the 2% and 70% rule) here: https://www.biggerpockets.com/renewsblog/2015/09/02/real-estate-rules-examined/

:(A few things here prior to making any decisions:* Get an idea of what it's current value is now, both rental and sale value?