Years ago, being a property manager was what I planned on doing for my retirement gig.

The key is finding the right area/market and having a solid rehab plan that doesn't go too far over budget.

I’m in a small financial bind right now and I could use the $300 back, especially since I’m not really planning on using the pro features any time soon. 

Good call, getting multiple bids is definitely the plan.

My current plan is to stabilize this rental and aim to buy one property a year. what do you guys think of this deal and strategy?

We are not putting up capital, just handling all development/build planning and operations.

For the community development dept, you'll need proper plans (architect), site survey, permits, etc. when you're ready. 

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

You should have a ton of demand for co-living in that area, particularly if you're on a busline.If you plan to sell anytime in the near future - I'd advise against putting a tenant in there well under market on a long term lease.

We’re planning to rent out our fully furnished 3-bedroom, 2-bathroom home in Phoenix-Metro area from March 1st to August 31st in the future.