In an effort to bring ANY $ in to help cover the mortgage ($4600 including taxes and insurance), I put together an AirBnB site for the property and set it live, with zero expectation.

Get a list of recent inspections and permits to make sure the new roof and such were done right.Check with police if any reports for the property.What's included in the seller's expenses?

I recently learned they are being sued because one property they managed one of the people touring it, trashed the place and stolen everything including light fixture/faucets.

My father didn’t have a will, which has complicated everything, including forcing the sale of property.

You only need to get around 4-5% when you include leverage to equal those returns you cited and then factor in tax advantages and you are exceeding those returns. 

We ask for 30 days notice and include that in our lease agreement but understand and are flexible with tenants so long as they are respectful and cooperative.

I've been looking to branch out to a few different areas on the East Coast that would necessitate a property manager but Texas and its heavy investment in business, including the major tech investments in the works around Sherman are very intriguing.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

(Noticed I didn't include architects in that list - from my experience most architects are great at building design but shouldn't try to do land planning.)If you have never done any development like this before than it would make sense to partner with someone who has (or flip it entirely) once you have a site plan of the property's potential.

Before listing it, I had lots of expenses, including painting, floor refinishing, plumbing repairs, staging, cleaning, etc.In a 1031 exchange, I purchased two small multifamily homes which also have some roof work, painting, plumbing, etc.