At the moment I'm only realizing a small fraction of this loss on my personal return because my W-2 income is close to the upper MAGI limitation per page 5 of the 2019 Partner's Instructions for Schedule K-1 (Form 1065). 

I don't think he realized before sitting down and looking at everything how bad of position he is in. 

We realized when we viewed the property was that one tenant had actually moved out, leaving the perfect opportunity for me to owner occupy the 1BR apartment and continue to rent the rest.

You generally will need updated heating, central air, granite kitchen, updated bathrooms, and be on a decent block. " It seems like out of state investors don't realize this fact. 

I feel like I should be prepared before hand so I am not wasting time on getting it under contract to flip it but I also realize building rapport is as important. 

Keep shopping but at what point do you realize it's not available for your scenario?

I realized that Arabella community is under development and it's very close to the house (maybe less than one minute drive).

Just realize what is and is not obtainable with business credit, and your expectations will most likely be met.

The more she sees how it works, the better for her in the long run..They pick up so much more than we often realize..

I realize this is recently renovated, but over time it all evens out.Management will likely be 10-12%.Garbage should be paid by the tenant.My one major worry would be your estimated rent.