The fact that you evaluated whether to sell or do a cash-out refi shows you’re playing a long game and keeping your options open.

The PMS around here are pretty terrible, I've worked with a lot of the larger ones in Cleveland and I think they just take on more properties than they can effectively handle and don't hire enough additional employees to make it work. 

@Dave Chengoue there are a lot of opportunities in the area, the main thing is to create your team to help you execute.You also have to evaluate your strategy.

The "big" firms like AA may get a lot of hype but they generally can't compete on the next level tax strategies (Family office type strategies) nor customer service as their employee turnover is quite high.  

Hi everyone! I'm new to the community and just recieved my first application for our rental property in upstate ny! We're trying to best screen the applicants and my original standard was 3x monthly income and credit ...

The 1% rule is best only used as a quick and dirty evaluation used to pick which property you plan on running additonal calculations on.

As far as whether to approach them with or without an agent - approaching them directly without an agent can save the seller probably 2.5-3% of fees, which give you some room to negotiate on the price, but you need to be confident that you are capable of evaluating the property value, estimating on the amount of work that is needed, knowing how to negotiate/ structure the deal, and navigating the closing process.

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves. 

Quote from @Tayvion Payton: Hey everyone,I'm evaluating a multi-family deal and could really use your insight.

Quote from @John Keane: @Jay HinrichsGot it, I will definitely re-evaluate my profit split structure after what I have learned here.