The PM will give you monthly statements, as well as give you an end of Year financial statement along with your 1099.

Welcome to the path of financial freedom through real estate investing! 

No matter what area, condition, or size... first thing you need to do is find a lender or have all your financials lined up to move quick.

I figured now's probably the best time to take some risks given that I'm financially stable and have build up a good amount of savings.

My goal is to have enough cash flow from my real estate investing to become financial free in the next 10 years.

If you are going to invest, you'll get back more than your financial investment on your first transaction and you'll learn a great deal.

I'm unable to come to a conclusion on whether it would be more financially advantageous to keep what's there since it's not broken and increase the rents accordingly rather than add on such a project.

I was thinking about putting in the following:Personal financial statementPrior rent rolls on the property for 3 yearsSome type of public report on the value of the complex (zillow or other) ... not sure on this oneA profitability statement ... thinking about using the one on this site from https://www.biggerpockets.com/real-estate-investme...

Extremely likely it would require a personal guarantee, so the lender will look at your financials.

Since they're not the best tenants, and you'd rather have them gone now, you could offer to let them out altogether and start over if you're ready; otherwise, I don't see how it benefits you to now only have one person financially liable instead of two.