With my limited ability and experience to recognize a good deal when i see it, This situation seems a little better than a few of the other properties that i have had the option of buying but I am concerned about screwing myself over before ive even started by overpaying for a building. 

Sound principles, good numbers and ability to drive to it make the most sense for me and allowed me to bounce back. 

However I'd strongly advise that you be honest with you ability to comprehend financial information and read and interpret tax code.

Instead, I did a couple of searches for key words and phrases (such as "prior to" and "in service" and "de minimus" and the below is what I found.Please copy/paste the relevant sections that support a taxpayer's ability to claim a de minimus deduction for assets BEFORE they are placed into service.  

I would say your fee cost is in right range, I would also put that if you are kept from access to apartment for service a fee of 75.00 will be charge for blocking entry, so if you have a notice out you will be doing routine work or inspection and they haven't called to reschedule you given them a bill because you were denied entry and have to come back, it happens and it's a complete waste of time.. 

That is, the PM will advertise, run the various checks for credit, evictions, criminal, ability to pay, etc but ultimately they'll recommend a few applicants, I'll look at the documentation and pick one? 

I blame myself for not taking action much earlier in life when I had the ability to make all the decisions alone.

Basically tenants become less fluid, therefore rental supply goes down and when units open up market rents are way higher.You need to understand the RC ordinances in your city: do you have the ability to pass improvement cost to your tenants, what is the rental increase cap per year, what are the "just cause" rules, etc. 

We have the Contract and ability to assign it.  

It's one of the great advantages of REI - the ability to leverage and increase your returns.