My wife and I both have high level education and, have the time and desire to work at the industry.

@Joe@Joe Edmonds I think the lock idea is fine but if I couldn't trust them to have access to the breaker panel I probably would't rent them the house. 

So independent of my concerns with purchasing a C level, 8-unit apartment (this would be my first apartment), can you provide me with an opinion as to whether or not this property is something that you would purchase?

., IRA Services Trust Company or Pensco Trust) that will allow for alternative investments, the IRA rules do allow for investing in syndication.

Other than the tools they have access to, how do I know if I can trust them in looking out for my best interest?

Maybe a trust? 

Knowing nothing about your market, if you have done a good job screening and lacing your new tenants, the market clearly supports rents at the $700 price level - now it's time to get a plan in place to get the rest of the occupants up to this level.Consider making a plan for getting the rents to market level over the course of six months or a year - whatever time period best suits your risk tolerance and go for it.  

It all depends on the level of demand.

Since you are a pro, use the calculators provided under tools to help but here is my quick rundown on a post-it:Buy = $80kRehab = $30kHML Points = $3kHML Interest = $3k (assuming 90 days held total)Holding Costs = $1,500 (assuming 90 days electric, gas, water/trash/sewer, builders risk ins, prop tax)*Selling Costs = $10k (6% relator fees, 1.5% closing costs)Sale Price = $135kProfit = $7,500*I am taking a very high level guess on your holding costsFor me this is WAY too thin of a margin.

"I've got to level with you Ryan, He hasn't paid in 2 months."