The financing is what really scares me.I'm estimating what the property's value would be at a 7% cap rate, which is around standard here.  

Or maybe buy one, live there, rent it next year and rinse repeat your next few years and graduate debt free with a few cabins on small lots.Yes, if you want a standard multiplex or stick built house, it may have to wait for a full time job, bank lending and such.

If you are renting a high end unit hopefully tenants will have high end standards themselves but you can not expect anything from a tenant.

Obviously, those usually come in the standard 60", I'm not sure about 58".I think the three piece fiberglass surround might work, as you can cut it down to 58".

But if he does , he can: 1) Simply draft up a Letter Of Intent, with bullet points outlining terms of a proposed offer, subject to a week or two "due diligence" on his part, and include that "this is not binding on the parties" 2) Fill out a standard contract with the same due diligence period.  

But if it's occupied with working central heat, then it should be covered on a standard Landlord Dwelling policy. 

This sounds like a standard commercial loan so resetting the interest rate every 5 years would be a common practice.  

So far I have:Built a standard parts list and supplier list: windows, paints, flooring, cabinets, sinks.Established a good primary realtor.Made a standard of what I will do to distinguish my apartment units in the market.Hired a property management to deal with the increased number of lease up's and tenant shake out (note- I have only had 1 tenant move).Started using a documentation system for projects (Trello) and files (Google Drive).Built a solid relationship with a commercial lending arm of a regional bank.Areas to improve: Marketing- I have been MLS primary for my deals focusing on heavy rehab needed C class buildingsWebsite- slacked on totallyAttending network events-  in the 2 years only made it to 4 I think.

Is there a standard Capex/Repair percentage that you use that I may have missed?

About 10% is standard in Georgia for property management is what I have heard.