Looking for any advice on location, unit size, beds,baths any tips for best bang for your buck.

In theory yes, but its not that simple.

What strategies seem to give you the best bang for the buck?

I know that "no tenant is better than a bad tenant" and have always just refused anyone with a history of bankruptcy, but I am trying to educate myself more on this.I've tried reading on Bigger Pockets but just find people opinions and theories. 

In theory, they did an inspection in June 2016 but none of the broken windows, crayon drawings on the walls, torn up carpet was noted.  

I guess my concern is this: Is this investment going to give me the most cash flow, or can I acquire a different property, and get more bang for my buck.  

@Royce Talbo If someone you do not give the apartment to makes more money, has a higher credit score and you did not give them the apartment..good luck defending your self in court.I decided I didn't want to be the one that let David S. know that his max. occupancy limit theory is the kind of thing that tenant advocacy groups love to go after.

Bang on.

They are willing to wave all contingencies, so in theory the EMD should be mine if they fail to close.

Closing instructions would be given that seller is to pay my option fee from the excess amount the seller receives.Sounded good in theory, but I can't say if it would fly with the bank.Unfortunately this buyer decided not to proceed, so we didn't get to test it out.