Or after all turnover repairs/fixes are completed?

From what I have read, however, competition for MF is getting pretty heated, so I guess you'll have to check your local market.We started with SF and that was nice because we could kind of gauge the maintenance, repairs, and capex expenditures from the beginning. 

You might be able to do this if you found a place that was in need of some serious repairs to the entire place or to the 1 unit that you plan to keep vacant.

My plan is go in put in professional management, repair, raise rents.  

Setting aside 5% for repairs, left me with $2400, or $200/mo. 

My plan is go in put in professional management, repair, raise rents.

I guess that's why we include repair costs in our monthly expenses

At the point of the repair for damages reaching the $650 security deposit limit, would it have been legal to give the tenant a 30 day notice to leave the property due to excessive damages? 

If your tenant lives hand to month like many others, I would personally recommend against this because the tenant will be disincentivized from doing repairs or even informing you of major repairs even when absolutely necessary. 

If it fails and you can't repair it - you might also be responsible for clean up.