I have a deal but not sure if I'm analyzing properly.

I'd recommend that you chat with a mortgage broker for confirmation and make sure that your income (with a commission component) has been properly recognized.

That is why you have to ensure that the property manager you hire has put the proper measures in place to prevent damages.

LLCs are a tool for liability protection that we often use.AND, don't forget to consult with your insurance broker too to ensure you get the proper insurance coverage as well.

But even leaving 10-15% in I would consider that a success.I guess it does not matter if you turn the numbers upside down as long as the total put in is the same.I just guess after my current nightmare rehab I’m just nervous about taking on a big project again as I don’t feel like I have found the contractor yet I can’t trust to get it done on time, properly ans at a fair cost.

make sure it has gutters and they are working properly.

No need to create a business entity, for those who are truly small (just be sure to beef up your insurance, if you don't have at least a properly run LLC, which will cost you a few hundred a year - the insurance is cheaper for those with one or two places and who own a house, cars, boats or have liquid assets other than IRA/401K -- which are somewhat protected).

Also, get to know your local laws, for example some states allow you to change certain items with proper notice. 

USAA and Amica do a great job of taking care of their policy holders and writing a proper scope of work / paying for quality work. 

I have the mindset of trying to do something is better than nothing, with proper knowledge of-course.