I made a few changes based on the advice that I received here on Bigger Pockets and got three applications.

Three small units (1 bdr/studio) and one larger apartment (3 bdr).

As always, the bigger pockets community is awesome!! 

I don’t think a three year historical lookback is sufficient.Unless the market fundamentally changed, I would just sit tight.

.- BP recently introduced passive pockets. - ideally every operator is sound at all aspects of being an operator, but there are operators who are outstanding at the operational side that are a bit lacking on the communication side.  

We are in the top three Map rankings on google.6.

TIAErich  Erich - I would echo other's comments, but also point you in the direction of a Bigger Pocket book, "Estimating Rehab Costs" - It's a 2019 version, so the actual dollar amounts will need to be increased, but it can give you a good starting point for the process that you can refine/update over time. 

We have an owner who, against our advice, recently installed a thermostat that only they can adjust, and from three states away. 

Yes, getting sued is a risk factor and I've been involved with frivolous lawsuits which are not fun, but in my opinion you'd be in a much better spot owning a property in your personal name that let's you keep an extra 10-20% of the purchase price in your pocket as emergency funds, as opposed to buying the loan under an LLC that requires every last penny you might have to make the higher down payment, then you have to operate on a shoestring.

Now for my out-of-pocket expenses:Down payment: $7500 (Hard money loan 90% purchase price 100% rehab)Closing costs: $6500Inspection: $400Agent's commission: $5200 (didn't raise purchase price of house with seller concessions, so that money didn't apply to the commission sadly. won't make this mistake again)Holding costs: $1300 (one interest-only payment of $770, roughly $200 in utilities and $360 in insurance)Total: roughly 21 grand.