Sounds like a pretty easy way to get in over my head fast, but at the same time, it seems like an opportunity to pick up a property WAY under market value and there theoretically should still be plenty of meat on the bone.

This way, you can easily revisit details and pick up right where you left off.Avoid cutting corners to save money, as it often costs more in the end.

Can you dig into a little more on the novation, why did the seller pick that strategy say over a cash offer?

Perhaps one of these days I can pick your brain on how you do things in Tampa, and what STRs look like down south. 

Hi Terrence, welcome to the world of rental property investing—it’s an exciting journey, and you’ve picked a great spot to start!

If you are a cash buyer , know the market and foreclosure process then you can pick up  property for a 25% discount in a desirable location.Cheers

How did you pick those areas?

I think the market will pick up in 2025 as a whole but 2024 was a big dud. 

@Venka Pulla Many smaller PMCs are unprofessional, they can also be vindictive.So, suggest you get all the info you can from your Owner Portal before terminating them.Also, hire a new PMC BEFORE terminating the current PMC.Then, terminate and work closely with the new PMC to get tenant payments switched over and whatever documentation is missing.Hopefully, you'll screen for a new PMC better than you did to pick the current one!

You get to pick what you want.