Any ideas on what I could turn it into to help generate some extra profit?

You can usually find some events by doing a simple google search.

This is from the BP rental calculator and is exactly what I'm wanting to see, just with extra payments each month. 

Most investors from California that post stuff like this usually end up in the Midwest.

One reason was the condo management company wasn't doing a great job and there were always extra levies. 

The labor is cheap but is usually terrible quality.You have very little insight into the governments plans for development and i have seen that have amazing impact on some areas and terrible impact on others.If you are going through with the purchase i wish you good luck and urge you to consider traffic patterns.

And the split is whatever you decide on. 50/50 is what a lot of people usually do.

Can usually allot 5-10% vacancy factor and same for maintenance.Class B usually also okay, but needs more attention from owner and/or PMC.

I would have to get with the property manager and mimic the exact plans they have set up in the lease, all of which were probably customized by the PM to get a few extra dollars.  

From an operational standpoint you might also want to consider the cost of any extra tax returns that are needed by the entity as well as any extra accounting fees.Good Luck!