To confirm my recommendation ask him for references at his current developments, I bet he won’t give you names and will make up an excuse!

If you have a lease with this tenant that allows them the dogs, you can still say they are in violation of the lease, I'll bet, by something in the lease that says they aren't to bother the neighbors or cause any disturbances, etc.

I allocated $500/month for insurance which is part of why such a promising revenue to cost projects such poor COC.  

In both my seller financed deals the primary bank I was betting on backed out.

The owner needs to know you are solid, a good bet.

It's very important to have a good PM and not go cheap or there's a high chance your rental will get poorly managed and you'll lose money in the long run. 

That said, targeting homes needing work or properties sitting unsold due to poor pricing can still yield opportunities—that's what I do successfully.

Even with the reduced rates, my cash flow is poor for my equity position (i would still be cash flow negative at today’s rates).  

Good luck, you are a busy man with school, family and baseball.Likely your best bet is house hacking (if your partner and child are willing to share housing). 

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.