If you rely entirely on rental income for your income, you should have enough properties & diversity that the loss of income from one location will not bankrupt you or force you into making a bad financial decision to recover/replace the income, and enough cash reserves to weather any local downturns.

I will be looking for passive investors, real estate attorney, real estate tax accountant, a property manager, and a broker specializing in multifamily real estate.Currently I am an engineer at an aerospace company and I am looking to make the transition to real estate investing.

I'm assuming some sort of approval via an engineer?

I am a chemical engineer in the water treatment community and am currently serving in the Army as an officer.  

The roof was replaced by the previous owner but, I don't believe the flashing for the skylight was replaced/sealed properly.

We are both very interetsed in real estate investing and just starting to educate ourselves Via Books, online engines such as BP, and we recently attended Than Merrill's workshop in the city. 

I've spent $5,000 on repairs/replacements/improvements.

If you are paying utilities that can be $100+ a month per unit easy and can kill your cash flowFor capex you should keep track of all major systems and appliances and when you will need to replace and work backwards from there for capex

While I guess it is possible to build a unit and not install ceiling fans, they are so common that not including one would be a negative in most renters mind.In my market, things like central air & heat, dishwasher, washer/dryer are amenities.I have never had a call regarding a ceiling fan from a tenant, but have had to replace one (1) during a unit turnover, as it was just too loud for my taste, but it was very old (~15yrs).

You really are a transaction engineer!