In this scenario, you may choose not to pay yourself from the property's cash flow until it becomes positive after factoring in the upgrades.Regarding paying yourself the cash flow amount to cover the upgrades:Shuffling Money Around: Yes, essentially, you'd be reallocating the cash flow back into the property to fund the upgrades.

Do you recommend any absolute hard and fast rules to hold the company to or essentially interview them and then if chosen, let them do their thing?

Despite any initial apprehensions you may have, the process is far from intimidating.As someone entrenched in the lending industry myself, it's essential to clarify that our primary goal is not property repossession.

I put a roommate in each one of the rooms so I was essentially living there for free.

Well it was essentially subsidized.

No pool needed.As a frequent mountains traveler I will not consider a unit with no view and no hot tub.I am not experienced in Charleston, but from what I know these would be extras and probably not essential for renting. 

There is more that goes into it but you are essentially a middle man.For fix and flips you don't need a credit if you make relationships with asset based hard money lenders.

Yes, it isn't a contract to purchase, but it is essentially the same.

In my opinion, inspections are essential for effective property management.

Consider elements together with way of life choices, location and marketplace analysis, property condition and protection desires, property control, and legal and regulatory concerns.