You would arguably be better off buying a CD at a slightly lower yield with almost no risk, time, or stress requirements. 

I am particularly concened about the water meters not being hooked up and potential charges there. 

Quote from @Aaron Wolman: Yes, these charges are fair.

( I always make a lower offer at the beginning and negotiate from there .)

Your starting depreciable basis should have been the LOWER of what you paid or the FMV in 2010 when you converted it to a condo. 

Go for it.Just don't sign up with a brokerage that will charge you monthly fees.You sound like you have a lead source through what you do as a firefighter and you should follow your first mind and become a direct source for those people your getting acquainted with and building rapport.

@Greg ReeseMost small investors will benefit by having the LLC created in the state where the property is located at.Creating an LLC in a state like Nevada, Delaware, Wyoming may be better for the big players if items such as charging orders, business friendly case law, anonymity are important to you.However, be mindful that setting up LLC's in those states will add to your costs as you may have increased annual fees for annual LLC fees + registered agent fees.

What fees to charge and returns to target? 

Or we gradually perform high-quality updates for a live-in flip, then roll the equity into a new home.Regarding rental income, we aim to boost income, lower our effective tax rate by generating more low tax-drag income with rental income (since there’s not much we can do to lower out W2 tax bills) and have retirement cash flow.To compare the financial impact over 10-20 years, we want to analyze renting versus flipping.

Contrary to what was stated in a previous response, brokers don't all charge points.