I wish you well in your project. 

To move forward, determine whether you prefer local or out-of-state investing, cash flow or appreciation, and self-management or hiring a property manager.Good luck!

I self manage, have a cleaner but I also sometimes turn the unit myself.

This will give you some info so they are not guessing on what will be needed (they probably already know rough numbers, but each project is different).

When the credit report addresses don't match her application, you deny her and move on.Any landlord running a credit check on her after 05/01/2024 will see her credit report has a $12,000 collection from a property manager, and that should be an automatic denial.

We also would like to self-manage if possible.

If your trying to redeploy your capital,  do you think that you can get more than 8.5% through other projects and could you do that more than once during that 4.5 years? 

There is no requirement to use them as mentors for doing the rehab projects as described in the horror story above, but they do their own underwriting so they will be investing themselves to assure the deal makes sense and is successful to assure they get their payments and interest. 

I think it would be beneficial to set up your own management company to manage your assets.

Investing in a property that’s already renovated, rented, and professionally managed could allow you to start generating passive income immediately without the added expenses of house hacking.What’s most important for you in this first deal—cash flow, appreciation, or long-term stability?