What made you interested in investing in this type of deal?

I have done two BRRRs and am still a huge fan of the value adds (working on a 3rd deal flipping it right now) but would say since covid 95%+ of value add deals do not work for any equity creation even the bs wholesalers send out.

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Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc.

It might not be a big deal to sell later if you want to do that and it could eliminate some of the stress of the timeline. 

Trying to keep it as long term rental, I'm getting 5/1 arm starting at 7.4, also 75% interest only 6.8%.. what would be the best deal to get out of the HM?

I recently purchased my own primary home and I have been prospecting to get my own fix and flip deal.

https://www.bizjournals.com/albuquerque/news/2019/08/05/nm-city-ranked-one-of-the-best-places-to-flip.htmlI've always got my eye on the next deal of which there are more than I can handle on my own. 

So hopefully that gives you more ways to negotiate your deal with your seller.  

I guess what you do next somewhat depends on how your deal is looking, and what your holding costs are.