You are putting your trust in a board to properly manage thousands (or hundreds of thousands) of dollars.

I don't know that area, but out here Impact fees on a project like that can be in the hundreds of thousands of dollars.

Here is a brief list of the planned renovations:Kitchen-Granite Countertops-Cabinets-Tile back splash-Kitchen Sink and faucet-Kitchen lighting-Stainless Steel appliancesBathroom-Vanity/sink/faucet-Shower head-Bathroom lighting-MirrorCommon areas-New front door-New interior doors-Blinds/Curtains-Wooden Laminate/VinylI have a decent amount of my own money I can use after the down-payment and closing fees.

So that may be one place to ask, too, along with realtors and bankers (especially any that do many seller financed deals).I priced a company in a larger city and the local bank and they were comparable ( couple of hundred bucks a year, but worth it in my opinion).

I did not have to put a lot of money down, I have a free place to live and make a few hundred a month, and I have learned A LOT about being a landlord and doing basic home maintenance.  

Another area is kitchen laundry and bathroom cabinets.

(Example: ceiling in Kitchen before cabinet install ... at least primer).

Ive been told by several people that closing on a cash deal with a title company shouldnt cost more than a few hundred dollars.

Further, should the current tenant (a single guy who doesn't mind paneling, worn carpet, old cabinets etc) move out, it would need considerable upgrades.

So, if any investors want anywhere close to $500 per door cash flow, be prepared to be very selective, analyze hundreds of deals, market your rear end off for motivated sellers, put at least 30%~ into the deal, and don't expect to purchase turnkey to get to that number. - Would that be a fair statement?