Our manager also helped and encouraged us to limit our repairs/spending based on the area we are in and the type of property.

So, if your current rent roll is still on the lower side, it could limit the amount you can borrow right now.However, if you have even a partial track record showing improvements.. say a few of the units are already updated and attracting higher rents.. a lender might take that into consideration when underwriting.

For added liability protection, consider setting up an LLC for the rental, though this may have limited impact if the mortgage is in your name.This post does not create a CPA-Client relationship.

I recognize there are other ways I could invest this cash (including another property) but I am being mindful of levering myself out too much in the current environment where job losses are more common in my industry (tech).

By observation from a few I've seen in the area:1) Find old guy, hopefully with limited faculties not aware of the market value of his property2) Tell him you love his place and will enjoy owning it and that you're his good buddy who cares about him.3) Offer him at least 10% under FMV and tell him no one else is going to pay that much.   

@Mohammed Islam, The claim of loss due to the tenant moving out for the sale COULD absolutely apply to the situation.

No limits to late fees either.

Taking the loss now is preferable to paying out monthly for the privilege of being a landlord.

They offer a $10K repair fund to fix damages in addition to SD plus warranty for appliance repair etc.I have no say in whom they choose to move in, whether there are animals, limit on # of occupants etc. they reserve right to inspect property so i have no idea if they can tell me to remodel, paint etc.does this make sense i have a vacancy coming up in October (bad rental timing).

I recommend starting with multifamily if you're just getting started with limited capital.