The cost of the materials was $1,500, and including labor I’d estimate this cost me about $3,000.The property manager never ran this by me or gave me an indication these project would be completed.Our service agreement is clear that written consent is needed when costs exceed $1,000 and in this instance these were not repairs and requirements needed to rent the property.

Savvy investors often navigate this by leveraging various assets as reserves, including investments and retirement accounts.

There is no "Debt-to-Income" ration on this side. 

Your best bet in this situation is to have rent cover the included utilities.

You need an assemly line approach, which is repeatable.Work the math backwards, determine how many units you need and what type of debt service they can carry for the deisred cash flow.

There is HOA debt in the amount of $21k piled up from previous owner.

Do debt funds ever offer 100% funding for a purchase and 100% for rehab?

In parts of the world (US included) where there are homeless people and cheap land, this can help provide a solution.

I'm wondering though, if I market them as lease option/rent to own, will a PM show the property, handle paperwork including the option contract and then manage the property or does that require a real estate agent?

Get to know the area where you want to buy--this can include looking at listings, recently sold homes and simply driving around different neighborhoods. 2.