It was suggested to me by the brilliant @Mindy Jensen to tackle the landscaping/common areas first, then rehab units as they become empty (from tenants vacating or being removed).

That means putting in the effort to undertake a comprehensive search.

Through a little digging I've also come to find that the owner is a widow who didn't initially have any interest in the building, as it was her husband who was mostly involved with the building.The owner has made no effort at making the building better and just collects the 5 checks that come in every month, even though there is an opportunity to collect more!  

It's starting to seem like none of the numbers are going to work until the market goes through a correction, or I start throwing in low-ball offers and getting creative.The scary thing is I'm finding myself secretly hoping that the market crashes so that I can get started.  

I did run credit check/criminal background check on the husband but not on the wife yet but I spent so much time and effort verifying their employment, residency history and checking their personal reference.

So if you think this is going to be worth the effort, just write those clauses into your offer - - by the way, the EMD should be put into ESCROW after acceptance with your contingencies. 

Life is short, time is ticking away while you sleep, no one gets out of here alive, and the big secret that most people will never get their heads around is... there is no downside.

I just wanted to sit through that brilliant sales pitch again and appreciate it for all its glory.  

You're not going to get professional results from a tenant and it's not worth the effort to try and police them to ensure it's getting done.

You need a bird dog ... an agent who understands flipping and investing and is willing to put in the time, effort and legwork to help you achieve your goals.