But is it reasonable to be worried that big companies like this will squeeze us out with razor thin margins?

There is not any reason to limit yourself to Wells Fargo and conventional loans do not require you to live there.

A commercial lender would probably look at that more reasonably than a conforming residential lender. 

If you contribute money to the LLC, it must be done equally with your partners and recorded as capital contributions for tax reasons.  3. 

It is in a reasonably sized community of quadplexes, almost like an apartment complex, and includes a pool.

A great building at a reasonable price popped up on the market the other day and by the time I called the agent they had multiple cash offers. 

This is completely my own opinion, but the reason there's not much to compare it to is because people who are renting are looking to live closer to Grand Rapids.

A good association will plan for necessary maintenance and repairs and try to keep any additional assessments to a reasonable level.

Here is some information on the property:Location: Valdosta, GA (Lowndes County) Year: 1980- 3bed/2bath- 1,252 sqft List Price: $84,500 Current rent $750/month Reason for selling: Owners are older and no longer want to manage property/ rent Other information: Property has been damaged due to tree falling on roof.

With good management 8% could be reasonable for 1 bedroom apartments.