Yet this income is maximized because I keep a very tight lid on expenses.

. $10,000 is way too tight.

That's how people get in the game, despite being broke, poor credit, no experience, etc- JV partnerships.These are the players you will need for starters:Investors with cashSomeone with experience with apartments to be the sponsor on the loan (this person may/may not invest cash)Someone to oversee the property management company if the deal is greater than 50 units (probably you)Someone to do the lead generation (looking for deals, probably you)Someone to analyze the deals once you get them (probably you)Keep your team small and tight.  

Learn/study what to look for in a property (need to know some construction terms, types or description, functions), documents required, learn what to look for in a title, learn how to do the math, zoning classification, permitting process, seeking financing, property assessment,  Remember, you are in a tight bind, but you should seek help with a general contractor, CPA/Attorney, real estate broker and others when you have specific questions.

Sit tight for a year or two and see how things look.

Open the box so it's not air tight during this period.The material is sensitive to the cold.

Recharacterization DeadlineThe deadline to complete a recharacterization generally is the taxpayer’s tax return due date plus extensions for the year for which the contribution or conversion was made.

This particular house took us 90 days to find as we had a very tight budget and only wanted to use cash.

This deal looks extremely tight to me.  

One thing I do note thought is that the deal is tight if youre a fist timer.