Right, @Karla Garcia but the trick in rehabbing is that you may think you know what needs to be done and how much it's going to cost until you start the process and then you knock down a wall and realize the whole house needs to be gutted!

I have a few PM companies I work with in the Phoenix area, I don't know if they all do the admin fee but I can help you find out that info if you are interested in chatting with them.

@Malcolm Brown it is great that you are thinking of the money to fund the deals you are going to get started with but understanding what a deal is, I think, should be the starting point. 

Thirty years ago I started purchasing and living in properties in upcoming inner city neighborhoods that required renovation.

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

I was chatting with some of my lending buddies at big banks and they are all backing away from the CRE space including office because operating costs are increasing more quickly than rents.

Depending on your states statutes and because they are on a month to month, give the proper notification that xxxx change will take affect starting 30,60,90 days from now. 

Start with the end in mind --- what would be the investor's exit strategy for this home? 

I would love to chat with someone who is a mortgage broker to understand your day to day workflows a little better.

@Omar Fernandez - you can start by reaching out to some attorneys, NYC is an attorney city so you'll have to get an attorney involved (who usually orders the title search).