I haven't gotten estimates for this house, but I did for an 800 sq. ft. unit a couple years ago and it was about $4K for a basic unit (including installation). 

https://www.rentometer.com/ for very basic rental rate info in the area where you are looking

I'll round the numbers for the purpose of this discussion but basically we paid $440k for the property and have a planned reno budget of $100k.

When we called the city municipal court, they said they could not send us a list of evictions filed within the last couple years or so.. any ideas why not?

My parents who own our company keep telling me it is not possible for me to do this deal.I'd been working to get pre-approved for a loan to potentially utilize FHA 203k but my pay structure is commission based for the first time so I qualify for basically nothing (or the bank I tried to work with is the worst). 

Many people use an attorney to draft the purchase contract after the basic terms of the LOI are agreed upon. 

House hacking is absolutely the best way to start and you start making connections with realtors, contractors, and learning basic property management skills.Definitely take advantage of all the free content on here, especially the  Finding Deals and the Strategy sections. 

Basically a GC. 

- Does the PM handle evictions- Do most PM's print up quarterly reports to show if building is making or losing money- Basically, do I pay the PM monthly off rent, and then literally manage the entire building?

It basically turns into part of their down payment when they exercise and buy the property.