Sounds like you are off to a great start. 

It sounds like you might be doing a little eraser math (making a deal work from not estimating enough for costs) so beware of that.

Unless the seller has to be immediately out of the mortgage I see sub-to as an excellent cost reduction strategy. just reading between the lines.. but if the bank says they will take 91k for it sounds like the mortgage is in default so a sub to might not be possible.

Unless you have time, desire and knowledge, hiring a property manager sounds like the right option.

@Rae Chris sounds like you are off to a good start.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

You are very brave for doing this, but it sounds like a rewarding adventure! 

With completing a 1031 exchange into a more expensive property, their depreciation table would reset as well, providing an even greater benefit. 

I’ve learned through experience that if a renovation will take several weeks or months to complete, it’s usually better to hire contractors.

Billion dollar company poof  granted they put the GP completely out of bizz.