Since the rents are low, there are some "not so ideal" tenants living there currently and I cannot let all of them go at once, as I need the cash flow, but this may affect my plan of steep transition from semi-ghetto to semi-luxury at the same time. 

Most are better to push over and build units.We moved to Torquay and I have two development sites on the go at the moment.

There might be nothing you could do with another Agent if he or she has a solid listing or if the buyer can let them go at any time  Each state has it's own realtor laws. 

The GP LLC would go at the top of the org chart, and the property LP at the bottom.

It will be a rough go at first, but starting anything new always is.

i started by saving every penny i could through college for the down payment and just go at it the Nike way.

Let's assume that I consider this to be a good enough opportunity to make a serious go at, I have a few questions in how to approach it.  

Ex: $80,000 - 6 bed, 4 bath at $1,700/month VS $250,000 - 3 bed, 1 bath at $2,100/month (not the actual numbers)Without considering appreciation value, for my first go at this, for a rental property, does it make sense to go with the less expensive, more expedient property or a property twice or three times more expensive in a more developed neighborhood?

I would suggest a lawyer, but if you do go at it alone, remember that if the property owns real estate there is a non-deed transfer tax (or controlling interest transfer tax in NY) even if you are not transferring the actual property.

Go to look at your properties during the daytime, and if you must go at night, don't go alone.