We as tenants had to acquire a shop vac and clean it ourselves, including dragging rugs full of filth and animal hair to the dumpsters.

Quote from @Stetson Oates: As a suggestion, when you refer to net cashflow, I would include maintenance, vacancy, and repairs. 

A significant number of my clients are from out of state, including many from Washington State and California.

Avoid any self-help eviction tactics like changing locks.Maintenance: As a landlord, you’re responsible for ensuring the property meets basic health and safety standards, including working plumbing, heating, and electrical systems.Inspections: While there are no mandatory inspections required before renting, your property should comply with building codes.

I would look FAR AND WIDE for someone to do an investment property HELOC -OR- go to a bunch of banks and CUs (including who you bank with now) to find someone to provide an unsecured (or secured if you have other collateral) LOC to get rid of the high int debt.

The Homeowners Insurance will include Builder's Risk.

Security deposits have to be held in an escrow account disclosed to the real estate commission which requires a yearly report and all leases need to disclose your license information.

This also leaves me with $3,750 stuck in the deal (not including financing and closing costs, which could easily add another $20,000).In total, if I had to include closing costs and financing costs, I’d have about $23,000 (if not more) tied up in the deal and lose close to $700/month before accounting for expenses.

I know that interest on the acquisition loan can be included in the cost basis since it’s inventory.

Maintain - includes taxes and insurance?