In addition, I'm a student at American University studying entrepreneurship.

Find out the main source in your area.Second, really study the market.

., roof etc. for renovations-Local lenders (who maintain their own RE portfolio)- (i have heard the Schertz Bank and Trust is a portfolio lender...are there any others?)

I live in southern cali and just now studying for my RE license mainly for the education and access to MLS and things like that.

Since, you are new, i will expect you probably need to spend sometime studying the markets, and that is a full time time on its own...literally speaking.....My one cent!

But, In the meantime you will need to study and know your market well enough to identify that grandslam deals.

I could have the studio portion of the property (now functioning as the living room/kitchen) maintain its shared entrance with another unit in the property.

Here's the study from the Direct Mail Association that discusses response rates and they cite 1% for direct mail, on average, with a list, in their most recent 2015 study.  

The rents are well under market value and the building is well maintained.

Here are the numbers, tell me what you think:Purchase price - $399,9996 unit multi-family - gut renovated 3 years agoGross monthly rent roll - $6600 that's with 100% occupancyTaxes - $13648total expenses- 23,208 which includes taxes, maintainence,insurance,sewar/water.