If the deal had more wiggle room i would say put it under contract and worse case scenario wholesale it out if you can't get financing but the numbers are pretty tight on this one You are at about 77% of the ARV with all in costs most lenders will only go up to 70% to 75% max at that leverage point you will probably see a 90% LTC offer

FYI, while you still need insurance and umbrella insurance, that doesn't cover you in all scenarios and amounts. 

And does anyone have any experience or ideas on how the rents should be managed in this scenario?

I want to begin investing in real estate and have two scenarios in mind.

Here it is pretty common to see escrow fee around $400 for each side. 

Motion detectors in common areas may not be adjusted, altered, obscured or disabled.

Look elsewhere, don't waste your time, I send owner occ business to PenFed and HELOC business to PenFed, but haven't even bothered sending them a single investment property scenario within the last few years.

The worst part of prop 10 is that it is creating this exact scenario. 

One of the most common issues with projections is wrong rental projections that are too high.2) No mention of neighborhood type.

@Nicholas Butler  LO is right in your loan scenario if he not going to live with you.