Since COVID, this loan product from this bank is no longer available and the highest LTV they go to now is 60% for their 5 and 10 year term products.I would focus on trying to obtain longer (10+ year debt) and that will substantially minimize your risk.

We are in an expensive area (Santa Barbara, CA) where the cost for cleaning services is minimal relative to the rent prices, so I can't imagine many tenants would quarrel over this, especially if it is included in the rent.

If someone emails you to ask about the property, don't waste time on the phone!

LLC is a total waste of money for one condo.. 

They've been awesome renters and our home is fairly new so we've had minimal maintenance work. 

With the ultimate goal of minimizing your vacancy. 

However, I have heard horror stories about the homeless that can park out there and the police not coming to assist, gunshots, disrespect for your property, human waste lying around, and drug houses, and more.

Pros include cash developer fee, cash flow and asset value with no long term cash invested (pursuit costs at risk repaid at closing), minimized risk with rents below market.

A property that is not making cash flow is wasting the depreciation benefit because of it's limitations. 

you need to fully work out what is possible with the property you have so that you don't waste money on trial & error.