Generally, they will only provide between 65-75% LTV so the less you spend on purchase price, the better terms you get with the lender.However, the hard money lender will likely need a portfolio to lend to you at those levels; they will not be willing to lend to anyone. 

If you do not know the law spend a little time with a real-estate attorney or at least download the Georgia Landlord tenant handbook.

For example should I make the place look pretty or spend a chunk of money preventing moisture in the crawlspace?

Another related question is--when you are a prospective LL to a tenant and you say we'd like to offer you the apartment, and then you spend several days waiting for ESA documentation, how long are you actually reasonably supposed to hold the apartment for them before you just go with another tenant?

No need to spend on those professionals until you know you need them. 

If I were you, I wold personally visit the top 3 and get a feel for the area, and then make a gut decision after spending a weekend in each as to what feels best to you.

-Spending unauthorized amounts on repairs- most investors want to know before PM drops a grand on a repair.That's all I can think of right off.

Better to off load the property than waste spending good money after bad.

Well I guess IM not a smart guy either just a country guy who rather work in the garden then spend the day in the office.Alex

If you can spend some time browsing MLS to get a feel for product types and pricing, make sure to do separate searches in Residential and Commercial, since smaller multi-residential ends up on both sides of the fence.