Property taxes, income taxes, sales taxes, declining population, unfavorable rental laws, winter weather.

As for the increase in rental potential on the properties.

With a short sale, will the lender of the property pay for the commission of the buyers real estate agent?

We haven't considered the acquisition/rehab of an existing property yet.

BTW: most owners that have hired a PMC, don't want to speak with you, much less meet with you in person to hear a hyped-up sales pitch.Also, you want to do rental arbitrage - so, you will need to be properly licensed to manage properties you do not own as required by your state & local laws.- why would an owner want to do business with someone NOT properly licensed?

In terms of negotiating the deal, we looked at the property and its condition and negotiated the price down and eventually met in the middle.

The properties are rented and the debt is reducing via tenant rents.  

I'm a property manager, let's network! 

I used half the HELOC ($160K) as a down payment on a 12-unit property, making my dad a 35% owner since we used his funds.

I look at a property check everything myself , I take notes on what I know it needs and I leave .