I did have experience operating LTR's to bring to the table, but even if you don't, it's not that much more complex.

@Jonathan LudizacaFrom a lender's perspective, starting in 1-4 units gives you experience and many more lenders will be open to first time flippers in this space versus multifamily. 

To play devil's advocate (and keep in mind I have no skin in this since I'm in a different market):-You want to tailor to investors, then be prepared to sell at an investor price. 

It was built in 1900, updated in 1970 and never touched again.

In my state they are the same. 

He was a realtor based in the Midwest (I think the greater Chicago area) and was talking about off vs. on market deals and the importance of choosing equity over cash flow. 

The deed stays in the sellers name until the full, agreed upon, about is paid correct?

Not sure how many PMCs you've had bad experiences with, but we'll take exception to:"Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health)".BP seems to have more threads about screening mistakes by DIY landlords as opposed to PMCs.Now, if you'd have mentioned Maintenance, you'd get no argument from me:) Even the PMC industry acknowledges maintenance as one of the biggest challenges.Rereading my post, I kinda see how I sounded negative toward PMs.  

Here in the USA you need what's called a "construction loan" and it's also very hard to find a company that will insure you if you're a newbie.

You might be surprised, but your rental properties have more in common with dividend-paying stocks than you think!