My tax advisor referred me to them, and I also utilized cost segregation on the properties, which significantly reduced my tax bills.

This reduces their upfront cost so they don’t need a large deposit.

Given the permitting timeline, I will offer to purchase some of the furniture and redecorate the rest (so half and half to reduce some furniture building time).

Examples could include:Partnering with other investors to share risk.Using seller financing or lease options.Leveraging creative rehab techniques to save on costs.Negotiating with contractors in a unique way to reduce expenses.I’d love to hear any stories, tips, or approaches that helped you pull off a deal others might have instantly passed on.

David A cost segregation study can be beneficial for properties under $400k by accelerating depreciation to reduce taxable income.

As for your neighbors, they could have exemptions like Homestead, widow, military disability and many others that can reduce the amount of taxes.

If your leasing application process is thorough and well thought out, and if your lease agreement has been well drafted by your local attorney and if it includes clauses that permit you/your property manager enough latitude to maneuver and anticipate undesirable tenant behaviors, both actions and inactions, and you have operational processes which align with enforcement of your lease, then you've done all you can do to reduce this inherent risk of an undesirable tenant.  

It is usually reduced leverage but an option! 

They’ve been solid investments, with rising rents and property appreciation, but over the last 2 years, skyrocketing HOA fees and stagnant value growth have reduced cash flow.

Normally when a  property is advertised as "cash only" the property is in poor condition and/or the seller wants to reduce contingencies and opts for a cleaner transaction.