BP podcasts are always talking about charging utilities back to the tenants as a quick cash flow fix. 

What was the amount of earnest money deposit?

I for one, if a tenant has a past amount owed to a landlord, we won't rent to them until they have settled.

You would then depreciate this amount over 27.5 years, allowing for annual depreciation deductions on your tax return.

I would consider selling the property, the value of $500,000 gain tax free is atleast $75,000 and potentially more if your capital gains tax rate is 20% or even if you factor in the 3.8% net investment income tax.It will take you years of cash flow to make up that amount of tax free gain.

My goal is to fix to flip properties and earn profits ranging from $30,000 to $50,000 dollars. 

But you can find ways to minimize the amount of contact you have to have with them when they start to become too big a headache."

As a former attorney, you know there are restrictions that apply to marketing for attorneys engaged in other businesses, however, there is a decent amount organic growth that would occur. 

The property manager has told me they're working to fix all the issues.

The market doesn’t support the amount of money needed to do the renovations.