Next, maintain professional boundaries with clear communication and a strong lease agreement to set expectations upfront.Proactive maintenance is essential.

Although to be fair I had some that stayed for years .. 

@chrisSeveney should have some good advice as well.if this is NJ one thing I do know your in for a long slog and fairly costly

But there is hope... if you drive through the 4th ward area, you can clearly tell which properties are owned (single family homes with kept lawns and neatly decorated) and which properties are rentals (usually a broken window or two, falling apart porches, messy yards)... the closer to the single family-dense parts in the 4th ward, the better chance you have of getting a rental property that hasn't been laid to waste that you can purchase for a fairly cheap price. 

I am also targeting small multi-family properties starting out.I understand your point on the costs associated with purchasing, renovating, and maintaining properties.

Make sure they pay for the repairs, but don't charge them $250 for something that cost you $50 plus time, be fair.  

Fair credit rating starts at 580 not 680 and these are renters not buyers. 

Proper underwriting and due diligence (DD) processes are essential to ensure that projects maintain a strong risk profile while still delivering attractive returns.

Since you're moving in soon, having face-to-face conversations can establish a personal connection and show your commitment to fair and clear communication. 

Here are some of my thoughts:- charging the full mastermind to this property is not fair to this property.