Let's use 10% to keep the math simple.  

One very simple example: If you wanted to send money to someone in France, you might go to a bank or Western Union, fill out some paper, pay a fee, wait a week.

I would not add much, a simple bedroom, bathroom, kitchen, and hvac.Another aspect of this deal is that the building is listed as a historic building and thus could qualify for some grants. 

Any paper trails that should be in place or is it as simple as giving notice at the right time next year and not renewing the lease?

If you manage it yourself, tenants likely manage simple fix themselves.

It's quite simple.

A simple example is that they called to tell me the hose was left on in the pool.  

You can usually find some events by doing a simple google search.

You can usually find some events by doing a simple google search.

Bigger Pockets is an excellent resource for learning and connecting with experienced investors.Here’s a simple framework to analyze deals: Set Clear Investment Goals: Decide if you're looking for cash flow, appreciation, or both.