Granted, we err on the side of doing things right the first time, but projects like new roof or new windows cost a lot and don't have that much impact on the appraisal, as long as the existing components are still in acceptable condition.

All the insurance in the world is of little help if you have to sue the insurer to pay a covered claim.

My wife and I currently live in one of the existing apartments.

I have great credit, but what kind of creative investment opportunities exist for someone like me who doesn't have the finances to start out?

I pre-qualify them over the phone, with questions such as:The minimum gross income to qualify is $_______.

We have enough to cover the down payment and closing costs, but not reserves. 

While you can invest your 401k funds into virtually anything, you can't direct/spend funds "anywhere"; some restrictions exist.

If its an invesmtent you want to make sure you force as close to 30% equity as possible (this is so you can refi and pull as much money out - banks usually only cash out up to 70% LTV). then you need to make sure your rent will cover your new mortgage 70% of the value of the home. 

-Honestly, I think you may be over-investing in the existing structure. 

So the home is costing me way and the returns can't even cover the expenses.