Happy to help with additional input or get on the phone if that helps.  

There is about $50,000 in repairs that need to be done but he is including a $50,000 "gift certificate" to cover those repairs, which is pretty sweet.I definately know I can make a profit fromt his home when I put a buyer in it, but how can I convince him to go down below $1M?

If net cashflow is $620 and includes HOA fees, and includes 10% estimate repairs and maintenance, then okay.

They may be responsible renters that pay their rent on time and do not request a bunch of repairs might be worth keeping. 

Also, note that that is in addition to the $450-$550 per unit in repair and maintenance each year. 

@Brendan Markle let's talk on the phone if you have a chance would love to hear more.

Income:$3,800 Gross Monthly Rent CollectedExpenses:Management $380 (10%)CapEx $228 (6%)Repairs $150 (4%)Vacancy $304 (8%)Wind/Hail $200 (5%)Property Taxes $200 (5%)P&I: $1,900 (50%)NET PROFIT = $450-500/MonthCash on Cash ROI: 8%LOAN DETAILS:Purchase Price: $350,000Downpayment: $70,000 (20%)Amortized Over: 20 YearsLoan Interest Rate: 5%Income-Expense Ratio: 1.08%Gross Rent Multiplier: 7.68

I'd like to get their advice on the best repairs to move forward with based on the potential rental income for the area. 

If so this is not going to fly with the lender -Are you going to be responsible for repairs for 9 months?

However, I feel like the sooner I start, the better, as some of the savings from house hacking (other than creating a rainy day fund for house repairs, of course) can be used to chip away at our student loan burden.