Need advice if this is worth looking into.The property has been negotiated at a 20%  discount and 7.6% tax adjusted cap rate. 70% LTV with Freddic Mac loan.

. $2,500-$2,700 in rent but have a $1,900 mortgage (including current property taxes) plus $100 for insurance, plus a 10% chance of no one renting and another 10% set aside for repairs.After all that I'm in a range of breaking even or making $200 a month with this as a rental.

Also, keep in mind that there are potential tax benefits related to investing in your primary home.

Tax payer has to be the same.

Turnkey also works for investors that are absentees if their goal is to park money/defer on taxes.

I have had a lawyer look at it, but I was still very nervous.

Then, the permits taking longer than expected, the repairs budget going to the roof, getting new GCs, the property taxes increase, using the wrong debt and investing alone.

@Josh Haney I believe the legal/compliance piece is fairly well covered by those who already commented I completely agree that it's important to retain legal counsel to assist with drafting and also loop in an accountant to confirm structure is arranged with tax efficiency in mind. 

Once that time passes, contact a lawyer and start the eviction process.

I would absolutely hire professionals along your journey ( ie lawyers, CPA), but to dip your toe in the water, why pay a guru.