I actually just sold an older property because there were too many repairs, so I was hoping to find something more hands off as I am an out of state investor. 

No and you need to put this on hold and research the condo nuke that's about to hit Florida in the form of new legislation that no longer allows condo boards to defer necessary repairs. 

My goal is to learn how to FIND the best deals particularly distressed apartment buildings that need repairs. 

I would like to assist two of the owners find a buyer for their parts of the business/real estate.

actual mortgage, actual taxes, actual insurance, actual capex.with that said it will probably be closer to the 50% rule than using teeny tiny percentages for vacancy, repairs, capex, etc.

Quote from @Michael Belz: Now, I have two options: I could fix and flip it with an estimated $200K rehab for an ARV (After Repair Value) of $825K, having purchased it for $465K. 

Repairs vs. capital expenditures.- Find out how long the provider has been doing cost segregation studies and how many they have performed- Consider the resources available to the provider.

If the continuing maintenance and repairs are more than you can afford and make the property cash-flow negative, I would sell and hope that the repairs I made and the appreciation would earn me some profit.

Then all you realistically can do is manage bookings, delegate to handymen for repairs and hire cleaning service.

The developer sold the lots to a homebuilder, and I worked with the homebuilder to assist with each individual lot being permitted.