Of course, you have to decide if you want to go the turnkey route and be totally hands off after you cut the check, or if you want to be a bit more involved and self-assemble a team to scout props, do rehab, and manage tenants.

Question: how did you assemble the team performing this job in a new area?

Understanding who you truly want to serve can provide the insight to help you assemble the team that is necessary for manage the property you choose. 

One of the items was a blower motor assembly that had to be replaced.  

Hey @Rebecca Baggett, I have a few things that you can ask the potential team members (the city is your team member as well) so that you can be sure that you have the right team assembled.  

Keep cost down and do a simple vanity, new toilet, an over head recessed light, and simple white subway tile all the way up, or throw a shower insert in there and be done.I have a rental that I'm keeping long term, I did a $1400 Mr.Shower Door assembly, thicker glass and frameless.  

You will need 7 continuous feet in the basement,  stairs to code, sound and fire assemblies.

Redfin is kind of an assembly line with specific people doing different parts of the process but I've had good experiences and saved a bit on commissions too.

If you assemble a strong team and all goes well, you will only have to pay that interest rate for 6 months at most ... probably less, but I'd expect delays with contractors in the wake of Harvey.Alternatively, with that sum of money you can definitely find foreclosure properties to buy with cash -- but you may not have enough money for repairs.If you can find a great partner, even better.

You need fire rated and sound rated floor/wall assemblies anywhere that units now touch, you have a requirement that all exit doors from all units now need to be 1 hour fire rated and are self closing ect. ect. ect.