Both of those seem more "complicated" than a clean conventional financing offer without the contingency of your current home selling. 

This excludes lighting (inside and out), kitchen, electric blinds, and a larger tile allowance.  

Have those cash reserves ready so when we hit another bump you can clean up on those people that made poor decisions.

The current owner is shopping it around for 1.35m (7cap) and the proforma numbers are as followed: ANNUALIZED INCOMEActual MarketGross Potential Rent $191,639 Less: Vacancy ($5,749) Effective Gross Income $185,890 Less: Expenses ($91,497) Net Operating Income $94,393 Debt Service ($65,592) Net Cash Flow after Debt Service $28,801 Principal Reduction $17,403Total Return $46,204 ANNUALIZED EXPENSESActual MarketProperty Management Fee $9,582 Replacement Reserves $5,250 Building Insurance $6,712 Maintenance $12,560 Taxes - Real Estate $36,296 (37220 w/o exception)Utility - Electricity $2,453 Utility - Gas $12,369Utility - Water/Sewer $6,275 Total Expenses $91,497 Expenses Per RSF $8.39 Expenses Per Unit $4,357I did some additional digging and found that they offer Wi-Fi for the building (I talked to a rep and said providing service for a building that size should run 285 a month) and the trash was left off which runs about 285/month.

Are there any expenses that a property management company commonly incurs during the rental (eg, cleaning between renters, marketing, etc.) or are these usually all passed on to the owner?

New electric, plumbing, furnace & roof.

If you don't understand what you need to do to make this situation work, call an electrician.If not cutting into the wall is an absolute requirement, you can get surface-mountable two-gang electrical boxes. 

The building itself is in great shape, with a new roof, new electrical, new windows, new boiler, and is 100% occupied.Generally most of our real estate purchases are cash so we are not very experienced in finding loans, let alone multifamily or apartment loans.  

Most of the time they will pay, but offer some type of value, whether it be a carpet clean, paint, or cleaning the exterior of the propertyGino

My wife and I own Appliance Doctor of Lima, familiar with plumbing, electrical and house construction.