With an FHA I plan on minimal down and then utilize my funds to rehab.

Your friend has about $7k per year cost of maintaining her property - if we ignore utilities (unless they are included in the condo fee, which sounds too low to cover all utilities) and maintenance. $280k divided by $7k is 40 years.

Hello BP:I’ve been approached by a professional who would like to lease one of my apartments and utilize it for AirBnB.

I've found that most of these properties have the rent amounts listed as well as what the current owner is paying for with regards to utilities. 

His numbers I was basically able to take utilities as he was in constant remodel mode I decided to use estimates for repairs/capex.So I did a quick walked thru the property on a Thursday.

We bought a duplex last year, which was built as multifamily, all utilities are separate.

My goal by 6/1/2018 is to house hack my 1st property, and get a job in the real estate industry.

You want to talk to your CPA first and foremost you don't want to get in a situation were your deemed a dealer and lose your cap gain tax advantages.that said a take down schedule like this is common in the industry.. although CA usually a million dollar property is not a lot.. vis a vi development ground.. and builder developers there usually stroke a check if needed.I suspect though if your going to sell it in phases.the land would be split into 3 phases and you deed out each phase as he pays if off.. but not individual lots that were your CPA can advise you on dealer status.its common though in these scnerios to have accerlated paymentso you have  3 phases  333k each... you sell first phase for  400k.. second phase for 400k last phase for 200k.. this way you get a premium if he fails to buy the rest of the dirtalso in your contract make SURE you demand that all work product engineering soils geo tech that type of stuff is once paid for your property as well.usually in vanilla real estate transaction on the west coast I don't recommend or see the need for a lawyer but in this case I would find a good real estate lawyer tell him these basic terms and things you need then let him prepare the contract.. hope that helps.. and assuming the dirt is in CA.. of course.

The do verify your income and credit, so keep that in mind Jason just keep in mind that even a Spark card is quoted as a business card, it still reports to your personal credit reports so utilization is still a factor.

If the tenant "abandons" the unit based upon facts (no notice in writing, but all non-trash personal property removed, utility changed billing, , etc.), I advise writing a "Notice of Abandonment" letter to the tenant that is mailed and emailed to last known address.