This is important to avoid getting in trouble with a contract that was poorly written causing your deal to go south.

I think it would be wise to get your own eyes on the property, and setting up the furniture, but I bet you could hire it all out if you wanted. 

Condo corps are generally ridiculously poorly managed.

Books I have read so far:"Rich Dad Poor Dad: Rich Dad's Guide to Investing"- Robert Kiyosaki"The ABC's of Real Estate Investing"- Ken McElroy"Loopholes of Real Estate" - Garrett Sutton"Bigger Pockets: How to Invest in Real Estate" - Brandon Turner & Joshua Dorkin "E-Myth" - Michael GerberBooks in que: "The Advanced Guide to Real Estate Investing" - Ken McElroy"Think and Grow Rich" - Napoleon Hill"Long-Distance Real Estate Investing" - David Greene"How I turned $1,000 into Five Million in Real Estate in My Spare Time" - William Nickerson"The 4-Hour Workweek" -Timothy Ferriss

I don't make very much money at the 9-5 but you can bet I track every freaking dollar coming in and going out for my properties.

@Casey Ricks, your best bet is an investor in my opinion.

Your best bet would be to buy the house from them outright.

It's not my business model, but having anyone live outdoors like an animal in the USA when they hand out Section-8 to illegals upon arrival is a hard pill to swallow.They need to sort the homeless into short term vs. forever types.Steer the help to the short-term helpable when they need it, and publicly house the "more eccentric" types out in the county away from civilization.Maybe have a poor farm where they can plant gardens to feed themselves if they are able...something to keep them busy.It would give all of them someplace to live indoors at least.This street begging/tents on sidewalks thing is Un-American.Just my 2 cents

Using rough estimates I bet that would get you to your $4500/ month free cash flow number.

Maybe the units are in poor condition and they are properly priced at $500/month?