A PM company does what a owner instructs them to do, if a tenant is continually paying late and the owner does not instruct the PM to take action to correct the problem nothing is going to be done.Most hobby landlords do not even view late payment as a problem they can correct (or warrants correction).

Need to make sure the return is high enough to warrant the time you'll spend actively managing the property, if you choose to do so. 

@Bryan Hancock  its about time.. in so many areas of the US  1 million is simply not enough do warrant the expense and time and maintenance of that those deals....

But the random inspections are not ok in my view - there should be a warrant process - Not a hey were inspecting and found these violations x & x etc.I fretted the first one as they provide a list and some items were a bit crazy. 

I would ask the attorney who to write a new general warrant deed transferring title to both of you and then record it.

Lou,If I run my analysis and I see the standard $100 - 200/door I tend to think that is a good deal, and warrants a very close look see as to why.

To the extent that you wish to trust the demographic data entered by the loan originator, Home Mortgage Disclosure Act data is publicly available so social justice groups can sue lenders for unlawful discrimination if the data indicates that is warranted (Wells Fargo etc).CFPB has an interactive website that lets you play with the data.If there is something unique about properties in the area you want to buy in that you want to get in front of, nothing will beat picking up the phone and calling agents in the area.

However, if you are buying a home that is not in disrepair, or maybe has a renter already in it, or you are getting traditional financing for whatever reason, then an inspection contingency might be warranted.  

Since you have had no vacancy for 10 years the cost is negligible to renovate.Based on the size of your unit and the upgrades you listed warranting $875 in rent I would target pushing your rent to the top of the market. 

But as investors start to get up there, they might look to commercial/blanket financing as the portfolio is large enough to grab the attention and warrants a more customized solution...