My goal is to learn how to FIND the best deals particularly distressed apartment buildings that need repairs. 

It states there are no unresolved issues between landlord and tenant regarding repairs, Fair Housing issues, or anything else. 

Repairs vs. capital expenditures.- Find out how long the provider has been doing cost segregation studies and how many they have performed- Consider the resources available to the provider.

Quote from @Michael Belz: Now, I have two options: I could fix and flip it with an estimated $200K rehab for an ARV (After Repair Value) of $825K, having purchased it for $465K. 

When you don't have money for a downpayment, you should not be trying to buy a home because no matter how you do it, you will be overleveraged and have no reserves for repairs, etc.

Right now, if it's just for income, you need to dig deeper and understand what you are getting yourself into for that income in terms of being a landlord and repairs.

No and you need to put this on hold and research the condo nuke that's about to hit Florida in the form of new legislation that no longer allows condo boards to defer necessary repairs. 

Right now we only list on Furnished Finder, Airbnb, and VRBO and our 3 bedrooms are usually booked by local families doing renovations or repairs on their home and groups traveling together for work projects.

As for the extra dollars unaccounted for, it could be a number of things - repair persons fee, management fee, failed repair, etc.

Cutting corners to save time might seem like a good idea, but it can lead to expensive repairs later on.