Is it illegal to ask potential tenants if they can pass a drug test? 

At DoHardMoney we do things a little different than most Hard Money Lenders and as a result we’ve disrupted things in a way that competitors feel the need to raise doubts and concerns about our systematic approach and our business model.

If I raise money and buy a property, I'm on the hook for the bottom line, and have to actively manage it (even if that is managing the property manager you still have to escrow funds, make sure everything is going as it should). 

Not flipping but buying, repairing and raising rental rates for a buy and hold.

It will teach you all you need to know to prepare you for the RE test in your state but it won't teach you how to become a great agent. 

I have thought about doing a perk test ,

So if you really need a loan you can pretty much just eliminate traditional finance channels from your list of prospects.You should have no problem raising the money from your friends and family (may take several people).

I know it's possible to raise more capital and to do nonconventional financing, I think if I were to invest here I would need to hustle pretty hard, which I am definitely willing to do.

I'm not looking for short sales and don't believe the OP was, either @Jr T.If I wanted to be a Realtor, I would have hung a license after passing that easy test (that taught me nothing about investing) 4 years ago.   

The basic numbers seem ok, I personally like a larger ROI on paper as in reality things always come up to eat your profits.Be prepared for a battle to evict those 2 tenants, expect additional costs there.Are those market rents you plan to raise to?