Cut out expensive stuff you do not need but just want.Try to get that monthly amount needed to survive to a nominal amount.3.

PITI amount is $566.00. 

these issues are easily fixed by just putting more cash into them up front so your not having to feed them at the back end.. or better yet pay cash for them.  

If you have a significant amount of passive income (from passive investments maybe from K-1s or other rental properties), then you could use the apartment rental loss to offset that passive income only.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Wow, that's a ridiculous jump in that amount of time.

The ones who bought cheaper properties trying to fix up had mixed results with one getting hustled by a contractor and definitely going into the red.

It makes sense for your new build but you'll have leverage something (fixed rate) to get out of that loan. 

Quote from @Joel Oh: Your business must make money day 1.It is so much more difficult to fix the model that is not making money than starting a new business that makes money day 1. 

If you want to start a fix & flip business that allows for bigger returns but bigger risk, that's another.