I plan to use a PM and would prefer less involvement but don’t mind a having a defined set of renovations.

Moreover, in the software community, "hacking" is not black hat activity at all; it's simply the job of putting software components together to build something useful. 

With a month-to-month rental agreement, the tenant is notrequired to stay for any length of time, but proper notice (as defined by state-law) must be given before they move out.It might seem obvious to use a term lease when renting to a tenant, but there is one major disadvantage to doing this: The landlord is also locked in to the lease.

Could you define:- ballpark expectations on return- time horizon, how liquid you need it to be- how passive?

You need to know what the current condition and life expectancy of all major components and appliances are.  

It depends on what you define as a "decent" cap rate.  

All of this needs to be defined in the relationship upfront.Maybe this broker/agent is doing multiple larger deals and will only work on the smaller stuff when time allows.

Also, the difference between hard money and private money is how you define yourself.

And frankly, all potential benefits need to be considered in the context of your overall financials situation - i.e. one on one consultation.As to the 100% bonus depreciation mentioned by @Yonah Weiss - it only applies to some components (5-/7-/15- yr property) and not to the structural improvements (27.5-yr property).

Now that it’s been defined as coaches vs.mentors , I have a better understanding , thanks for the input