I'm suspecting maybe not.

Given that you closed July 1, however, I suspect any funds that may have been disbursed already.Your last hope is to go after the seller.

I suspect he is trying to squeeze more juice.

 I have no direct experience with it, and I suspect that single partner LLC’s are pretty often in breach.

I suspect rented to whoever had cash in hand at really low rates, so no one bothered him with maintenance issues. 

I generally dont like negative cash flow, but if thats being caused by a very low down payment initially thats to be expected, and thats what I suspect since my properties at almost twice that price have similar closing costs but with 20/25% down.

I do suspect $300 below market is too much below market and financially amounts to tenant charity which is not what I am recommending.

It's a great place to live and to invest in.I own 7 rental properties in Greenville.In my experience with small residential income properties, if you can get a TRUE 8% cap rate you will be doing well.At 8% cap and $500,000 of property paid for in cash, your annual income will be $40,000.You probably can increase your annual income by the use of leverage.I suspect you might need more income to live on.Investing $500,000 in real estate is great, I don't know if it will accomplish what you want - not work the 9-5.

I suspect @Uri Pearl is discussing IRS taxes in respect to earnings on the apartment but still the thought of owning a tax title for 5 years is frightening to me

This I imagine is something you suspect, as I cant imagine how you possibly would have proof of ssid fact.