My plan going into buying this duplex was to get forced equity from updating his side and performing updates to the exterior of the building and landscaping, then when the time is right using equity to buy another home.  

U can also get a list of recent low dollar solds and drive by to see how the contractor is performing.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

By that I mean the very real work of enhancing the value of a property through management, something I believe all on this site are aware of.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Purchase price: $180,000 Sale price: $230,000 Single family home investment, with rehabilitation & enhancement.

If we are performing a major renovation, the Owner is required to sign the vendor's contract, and provide full payment to us prior to the start of work.

Just keep in mind, that should be money invested in a passive investment, for example a performing note or a JV/Fund investment.

Meaning a 12% return may be under-performing for your market. 

Perform the calculations as to what the monthly payments is, and see if the spread is large enough to turn a profit.