I have good credit and no debt except for this mortgage but get turned down for low income.

Okay - so you should know that Utah is a pretty big state for LLC's, due to low costs and similar / comparable protections as other state's LLC's. 

At the end of the day, I renegotiated with the seller that the 3 of us could take over his mortgage (in place for nine years and low rate) and provide him with some cash (10K) to walk away from the property after transfer of the deed. 

Both your insurance expense, and management expense seem a bit low. 

Hello BP,I read the book Investing in Real Estate With No and Low Money Down by @Brandon Turner and I found a partner that is going to put the down payment.

What types of loans do you use to have low down payment?

The minimum is probably in place for porperties with very low rents.Dont get hooked up on it, if you are going to buy a building with 8 units your total rent is going to be around $4000 per month, the pm will get $400 per month on this property. so its not like they are saking $75 per door, its $75 per property. you need to negotiate with them, im also paying 10% per month but there is no other fees or minimum.

The retail value of the homes pre-harvey were no where near his ask (around low $400's) Can someone please provide advice on how to value post Harvey properties?

Nothing is cheap anymore, inventories are very low and anywhere in the valley below $350-400k are almost guaranteed gone within hours or going through bidding war, especially in the neighborhood like where this property is.

At the end of the day, I renegotiated with the seller that the 3 of us could take over his mortgage (in place for nine years and low rate) and provide him with some cash (10K) to walk away from the property after transfer of the deed.