It’s B-class, was rehabbed long distance for 10% of purchased price, strict 0.5% rule regarding cash-flow (or 5% yearly, but the property taxes there are practically nonexistent), all the utilities on the tenant, super landlord friendly, great PM found through internet and absolutely hassle free.

Is this a regular practice.

I know this is probably dictated by many factors and local economics, I would just like to have an idea of what others may practice. 

Practice and learn when to cross them off your list, or let them go mid-sentence. 

It seems like you are looking for a quick fix which may wind up getting you into even worse shape if you are not careful.From a practical point you want your overall credit utilization to 30% or less at a maximum.

As you learn all about MF investing, find a commercial MF (loopnet, brokers, property managers, off-market, owners) to learn and practice how to underwrite (start with the BRRRR tool here on BP) and parallel to all that, find a mentor/accountability coach (me) to partner (me) with, network for investors everywhere you can to acquire your first 65+ unit deal.

They even have it online.

Easy to work with and manage online so far. 

Written by attorneys, linked to your state-specific laws, full of practical advice, and includes a bunch of forms you can edit and use as a Landlord.

We spent the past couple of months fixing it up and just put it online for rent.