Speaking with the current manager, he says there is demand for the units and when first renting out was getting 5 applications per day until filled, but that only 1 tenant in about 25-30 applicants was qualified.

Now contractors are another story, when I speak with them I’m just an employee.

thats a question best researched with a RE attorney who knows tenant/landlord laws, and probably worth speaking with some local PM's in the area as well about their experience. 

Based on the number you have provided it will have negative cash flow.

Whenever I considered investing in real estate I always found a reason to not take action whether that be someone saying something negative or assuming that I was only interested it to "get rich quick".

However, now that I've got the numbers in front of me I'm realizing that the property will actually negatively cash flow.

With this in mind, speaking directly to syndicators about their specific challenges is probably the best way to find a way to provide value.

If you go to an experienced HML there will be an educational benefit to speaking to them about the property that could be better to have happened before you negotiate the contract.

One of the best ways to get started is by using a 203K or rehab loan... this will allow you to get in the property with 3.5% down and you can even finance the rehab.Interest rates are a bit higher than traditional FHA loans but the 3rd "R" stands for REFINANCE so you'll only be holding that loan for a short time.I'd speak to a local lender, broker, and investor for more info.Aside from attending local meet-ups, don't hesitate to reach out to people personally via private message or on forum posts...

The "carry trade" is sexy until it destroys your balance sheet.Short term, high value add deals that you can refi would be my strategy although in most cases  I wouldn't risk my home to do it.If you can live with a permanently higher payment then do a cash out refi and keep your powder dry for the opportunity with solid yield.If I sound like I'm speaking martian right now then don't move forward!