Biggest problem was the city was a PITA especially when they charged me close to 1000 for permits and told me I only had 6 months and the state says I have a year.

I have a bank that will give me 90% LTV but they charge a 1.5% Bank margin on top of prime rate. 

But might be exaggerated.3) We are charging the market rate for the apartment. 4) If moves out,  we would rent the apartment to someone else.

I looked up the taxes and added them up and came up with a rate of 2.821909%, so that 3% estimate is very close, I got $423.29 so just about $27 less than your $450 per month.The Lawn Care, Repairs, and Capx seem like they are in the right ballpark and same with the Electric, Water and Gas.Now regarding the loan figures -- FHA charges Two Mortgage Insurance fees on each loan; Up Front Mortgage Insurance Premium (UFMIP) and Annual Mortgage Insurance (MIP) paid monthly.At a $180,000 purchase price your Base Loan amount is $173,700 (.965 x $180,000) which you have, but your Total Loan amount, which includes the UFMIP would be $176,739.75.

Then end the conversation with something like, "oh and by the way what do you charge for rent in _____ area?" 

I personally charge hourly for my services since it has been my experience that clients frequently underestimate their needs. 

Found a property for 32k in an area where there is high demand to rent could charge 1800 a month for a 3 bedroom.

Rentals in the area are charging about 1000-1400 per bed room (I like to relate price to bed since student rentals here kind of revolve around that Idea and seems to be a significant factor.....how much does Mom and Dad need to pay to keep Johnny UCSD student Housed. 

Some may work especially if you can buy at $40K with financing and charge a rent of $800 but vacancies will be a issue.

The actual maintenance expenses will also be split 50/50, but I will not charge any fees for labor if I handle things myself.