Use your time to check out tools like iGMS and OwnerRez, amongst others, to minimize the amount of work you have to do in creating/updating/maintaining the listings and pricing.

I guess the key is to find a property/town with a good supply of tenants to minimize vacancy and capex, right?

Ultimately, the faster you get to market rents, the faster you increase the value of the building which you can then use to refinance and get your capital back.Your key concern is to minimize the loss of rent if one tenant leaves and you have to find a replacement.

It's useable with minimal build-out as-is but any long term tenant will likely want to bring it to a more cosmetically pleasing state and spend a little money doing so. 

But if they're placing good tenants, minimizing turnover, and communicating regularly, it's more than worth it.

@Brian Holt the property foreclosed and has been bank owned since may 2018 According to mls is has been listed for sale over 250 days with seemingly minimal interest.

My attorney and agent note that the sellers attorney and agent have been slow in responding/and giving minimal information on the situation.

However the cashflow appears minimal.  

Since there are a few of us, we thought LLC would be a great way to join together and protect from risk.Does using an FHA loan only help minimize down payment?

My initial thoughts are to keep is small and simple but I think the appreciation would also be minimal if I do it this way.