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

If you’re In a title state make proof of utility pay off a condition of closing.

That is a raw deal, sorry you are going through this.Do you have signed leases in place for all these folks?

One lesson I’ve learned so far is that patience and thorough due diligence always pay off, whether it’s with property acquisitions or selecting the right team to work with.I’d love to hear more about your journey and what areas of real estate you’re looking to focus on.

I was hoping some folks might be in a similar situation or had a similar experience and might be able to share. 

Quote from @Paul Lucenti: Would you rather have monthly cash flow or would you prefer a quick pay day after 3-6 months?

Now if I pass that income as management fees to S-corp, I pay $3.5K (SE tax) + $800 (LLC fee) + $1700 (CPA + bookkeeping) = $6K in total.

If you own this as a rental then there is not homestead exemption and you'll pay much higher tax rate than a resident/owner occupant in SC. 

But, the self-sufficiency test for FHA loans can be really difficult in SF, meaning that the market rent from units you will not occupy must be sufficient to pay for the mortgage payment. 

That being said, your typical cost of capital is as follows:EquityAgency debtBalance Sheet local lenderDebt FundPrivate DebtPref EquityHard Money DebtBookie/Loan SharkOther things that will impact capital sources: are you wanting to finance the improvements, or will you pay for those from equity/cash flow?