Lastly, have you had any applications?

Law is like jello, It bends with the argument and with the interpretation and application.

What is a good system to create around standardizing rent increases where applicable / best way to communicate it to the tenants? 

You should ask for that info on their application.

I have actually been thinkin about cutting losses honestly, I am not sure this is the best investment I could have made as my first but worried about how much of a loss I would have to take.It is meant for S8 for sure, I would have a stringent application process, and give the neighborhood a C from my research.I invested there because it was the first deal that basically fell on my lap where the mentor works with agents that Seller Finance deals, it was only $3k down and had thought the proximity to St.Louis would be attractive to tenants also.I effed up on waiting to post for rent until after all repairs and the COO for sure.  

Quote from @Teekap Pate: Hello, I have my first tenant application for my investment property come in.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Be diligent in your application process and verification. 

I finally got ahold of the city today and they said the permitting timeline can be as fast as 3 weeks to 3 months, and is up to the owner's application and readiness. 

Get into details on how renovations are done with units occupied, what systems they use to mitigate tenant fraud on applications, how they set price levels for the units?