Also:_________________________________________________________________________Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

I don't know how that business could survive long-term with such low rates.If those numbers are accurate and you can net $38,000 a year, then it's worth holding onto.

If that is accurate, you do nothing.

Since this approach relies primarily on true documentation rather than estimates, it is typically the most accurate.

You will have to create your own renovation estimator with the numbers that you gather.

Bring a contractor to get accurate estimates for your rehab budget.

Also, the ability to find good deals with an accurate budget to complete the project up front from some good project managers/general contractors.

My wife and I have never really followed the $$/sqft. approach because it's not as accurate.

They are really the only ones that can give you an accurate answer to your specific situation.

Either way you'll learn valuable lessons and gather up experience for your investor toolbelt.