I guess not to put directly into savings but to use in case of an emergency since we will deplete our cash reserves for the down payment.Thanks for the response and opinion.

@Brian Garrett  Depending on the amount of your cash reserves, "asset depletion" loans may also be an option, where your income is based on the amount of your liquid assets / certain # of months.

There are very specific laws on who can delead an apartment, what components need deleading, what methods we can use on different components, and how we clean up after we're done.

You want to get that mail back, so you can clean up your list.

If your tenants don't behave you can get fined and have trouble...putting trash out on the wrong day, putting stuff on the balcony, disturbing the neighbors, parking in the wrong spots, some condos don't allow tenants to have pets, some tenants don't clean up after pets, and on and on and on when you get tenants residing a 2x4 away from the neighbor.   

My intention with this property is to do basic renovations and cleanup over the next year resulting in a BRRR over a 2 year span. 

It was bank owned and there was drug manufacturing going on at the property previously and the bank had to clean up the mess.

I had a landlord file a claim on me one time over clean up that he gave permission to do - remove a broken-down screened in porch that was collapsed and a tore up rug in the living room.

Has clean up already been done?

You'll have tenants moving in and out more frequently and you'll be dealing with multifamily issues (noise, garbage, common area clean up, etc.).