Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

But most of these bridge loans have future funding components where the lender will fund renovation work as the work is completed and add that to the loan balance. 

I'm noticing there are some really nice cash flow markets in texas, some of which are really close to the Mexican border, though.

Look at the current zoning. 

If you plan on moving do something else in the meantime and build up income/savings

The higher the cap rate, the more risk involved in the building. 

Enter charges to the tenant's ledger.

Find a great real estate attorney to help you with:1) Putting a lien on the property, with your aunt's consent, to cover any work you do.- Ask the attorney if your aunt & dad need to authorize lien, or just aunt.2) Understanding your options to force payoff of the lien.- Ask attorney how you can enforce collecting on the lien when you need to.3) Getting full control of the property, while allowing your aunt to keep her ownership.- Have attorney draw up a contract to do this.Suggest you offer your dad some cash, now or in the near future, to motivate him to transfer his ownership to you.It may not work out, but you will learn a lot either way!

Don't miss the forest for the trees here.

When you file your taxes at the end of the year the accountant is going to ask you for your receipts or what and how much you want to write off using deductions.