Your $40k down helps show commitment, but you’ll need a clear path to title and a solid contract with the association.

I'd want to see a commitment from the funders before pulling the trigger.  

The key to self management is doing a sh*t ton of online research and properly screening tenants. 

I've committed myself to learning as much as I can as fast as I can to shift my life out of nuetral and into an active gear.

First Ward-Specific Home Repair Grants (T-HIP) Through local initiatives like the First Ward Action Council, homeowners can access up to $5 million in assistance for critical home repairs such as roofs and porches (wbng.com).4.

You could simultaneously look for long term but since that is more of a commitment you can be more choosy. 

But my guess is you are both committed to house hacking and each other so bit of advice; save money for home (my wife and I put money to house over elaborate wedding) and  ask for renovation tools for wedding gifts  :)

I've also obtained a blanket loan commitment for $500K, which adds to my excitement and nerves, as I know these deals can move quickly.

Stocks are bullsh*t, and real estate is the last bastion of the true American Entrepreneur. 

Whoever sold to you unloaded a bag of s**t on you.