@Jinhee ParkI sold a flip to a FHA buyer.... took us 90 days... it’s painful for all parties involved.

(its the buying at 145k with an arv of 150k and needs 15k of upgrades and 15k in repairs, and not having the RE license, and it rents at $1200, starts to feel the pain) 

However, independent of the painful schooling I've had being a long distance landlord (I refuse to hand it over to a prop man co), I've managed to turn the property around, literally doubled the rent from when i bought it, significantly improved the tenant base and have updated, renovated, and flushed out most of the poor workmanship the property has suffered over the years.

The tenants have actually been a pain to deal with, extremely demanding and had a few run-ins with late rents.

I know that I can probably get something from 21st Mortgage, but they are a pain to deal with.

The seller should consider how the asset is currently performing, rather than solely focusing on the pro-forma. also be careful of flood zones and be aware that if you are buying in Hoquiam, landlord are charged water from the city directly and you have to absorb or bill back tenants, which can be a pain.   

The more units, the better chance you'll have of making them succeed and any unexpected vacancy will not be so painful. 

It's a pain, the last thing you want is to force a vacancy at the same time not wanting to leave money on the table.I say this is a solid find.

Suck it up (painful), swallow your pride (even more painful) and walk away.

It's a tough business, and sometimes they bring on more clients/units than they can handle so there are "growing pains" as they adapt their systems.There's an old saying, "a farmer's shadow is the best fertilizer" and I think it's true of property management.