Keep in mind rent control is 1 thing, its a laws for existing tenants but some city's like Newark are so strict that you must get approval for what rent can be even after a tenant moves out and new ones move in. 

Looking forward to meeting like minded Real Estate Investors

Who did you end up using for your project, if you don’t mind me asking?

Keep in mind though those types of project are not 90 day flips in a 500 to 600k market. 

No , you are in once you can pay the money 

The husband had a good paying job that had a slow season where he would collect unemployment a few months per year.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

This can be costly for your property manager, and you may have to pay for their insurance policy, which can add unnecessary expenses to your budget.It strengthens your relationship with your property manager.Adding your property manager as an additional insured is a gesture of good faith that shows you are committed to protecting their interests.

The tenant has not been the greatest, one example being late on paying with not always paying the late fees.

You are looking at this through the lense of cash flow, don't forget you are also paying down the mortgage and might see some appreciation, so equity growth might be more than cash flow.