My guess is 2 months' worth is to establish reserves, and the rest is prepaids on these.

If they confirm that it's an isolated event, I'd also recommend enabling multi-factor authentication on your account moving forward.

Consider local trends, and proximity to schools, transit, hospitals, and reserves.

I believe you keep the reservations, but you must pay Evolve a fee for every reservation made while they were "managing" the property.

I will have enough reserves to cover the holding costs as well as some left over as emergency funds for the property.

EXAMPLE: college student living with parent(s).Regarding using child support - suggest you follow mortgage requirements:1) Need copy of divorce decree to determine ages of children, so you can confirm how long it will continue.2) Need proof of at least 3-6 months of actual payments, as too many deadbeat dads.

@Shayan Sameer, like Marc notes, confirm funding of HOA and proposed or pending special assessments.  

Use the "extra" income to build a reserve for maintenance, vacancies, and other expenses that don't happen regularly.

Can you afford the downpayment, brrr costs, keep money in the deal and have sufficient reserves for both properties(i.e 2 years of vacancy/lead times, 75-100% of capex, 3-6 months of random ********?

We have offshored our reservations department and have them assisting with reservations related administrative tasks but I believe you will still be extremely involved in the day to day without a PM company.