My question is: What steps should I take next to ensure success, and how should I initiate the rental process? 

Many of my clients find success with a balanced approach, investing in both real estate and the stock market.Personalized Strategy: It's important to tailor your investment strategy to your individual goals and circumstances.

This successfully is very much appreciate it.

I found Foremost, who would take new clients with a loss history, but they are not able to insure a condo policy.I also tried working with insurance agents but have not been successful so far.If anyone has a recommendation for a great agent or an insurance company, I would greatly appreciate it.

The property is a 6-unit building in Los Angeles.Given the significant difference in current rents vs. market rates, I'm looking for advice on how to legally and ethically approach raising the rents to reflect market value, should I decide to move forward with the purchase.Some additional context: even if I were to negotiate a better (reasonable) price and were to successfully evict a tenant who is 5 months behind on their rent and charge the market rent for that unit I'd still be -$600/month. 

How did you find this deal and how did you negotiate it?

NMB is very popular and very successful with STR.

There are some LLCs in the city successfully using partition to buy properties at a fraction of fair market value. 

Wishing you success as you embark on this exciting path!

A well-thought-out property management plan, ongoing learning, and optimization are all necessary for building a successful real estate portfolio and achieving financial independence.Good luck!