One of the surprising parts is price, ranging from 6000 RMB-18000 RMB for 140sqm - 200spm, this translates to $950-$2812.5USD/month for rent and the purchase prices being around 1,500,000 RMB - 8,800,000 RMB or $203,000-$1,375,000USD.

Someone's experience in one area doesn't necessarily translate into what you will deal with.One way to get local info is to drive around and look at in-progress projects. 

PM me or her at Kaley Roberts Best of luck in your translation from the military.

That's could easily translate into $7 - $8K tax bill given a less than a year hold period and state and federal dings. 

Locally speaking, in the Milwaukee suburbs we have about 2 months worth of inventory in the lower priced segements, which translates to almost nothing avaialble. 

What is their current rent and how would that translate to a mortgage?

This site is mostly dedicated to single family real estate however, you may be able to find some people in the landlord/ tenant forum that have PM experience for either hotels or multi family properties that could translate to your issues. 

Assuming 20% down payments and some cash needed for closing and fixup costs will likely translate into something like $4 million in assets.$900K in assets, purchased with 20% down plus another 5% for closing costs and fixup would require a cash investment around $225,000. 

The loans are considered commercial which translates to non owner occupied investment property, this could be a SFR rental.

As to your points on interest and combining it with what @Alina Trigub stated, 7% might not be that far fetched if you consider what PMI will do to the payment if PMI is translated as interest as well.