Joey, interested in learning more about your process.

Also, I won't profit right now from rental income - only my IRA will profit (yes I know it's me later in life), but I want more capital now so I can pay down my private student loan faster and repeat the process with other properties.The place is 1 mile from the beach, 2 minutes to the bus stop, 1 mile to the train, and less than 1/2 mile to a new mixed use development that will open this spring (just the 1st phase) and it's a 20 - 30 yr mixed use project. 

I second @Marc Rice Should be a very easy and straight forward process. 

(This update will not apply if you have a tax deed application in process and it is deeded prior to July 1, 2024.)Manufactured Homes are not currently included in this process.

On the surface it also sounds like you have a lot of local support for managing and maintaining the property but I suspect that will kill off most of the returns.The real information is somewhat hard to come by as the developer controls much of the market, the rental management, and a lot of the previous pricing data as they didn't report to MLS for much of their history.  

I currently have 40k to invest, and am looking for someone to help guide me through the process.

If a tenant stops paying,  start the eviction process or whatever the proper legal pathway to get them out. 

If you are interested in the underwriting process and financial model for multifamily, I recently published an article on LinkedIn that breaks down the end-to-end process that we follow to determine the purchase price range for properties.  

I have heard of a movement to make the offer process more transparent, another good idea.

I am currently in process of converting my primary house into a rental property while I move to my new primary house.