The seller then made the mistake of allowing the buyer to draw up the contract and closing docs, and further “saving” money by not hiring an attorney.

Assume the worst.

Also pro and consI would also like to know if this is better or worst than loans against 401K funds?

@Amy DenzlerRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder, etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

It is always a good idea to have a base case, best case, and worst case.

Any vice, any backhanded thing you can think of, any trap, any costly mistake, I have seen it in product liquidation business.

Looking at the Citrona website, I see basic spelling mistakes, a lack of executive/owner bios, and no case studies showing the financials for some of your projects (which is surprising as one of the founders worked for 10 years at a financial services firm).

There are also owners that buy at $30,000 home that is dilapidated, in the worst part of town, and not in rentable condition to anyone that has a job or just standards in general.I suppose there is the chance that you were done wrong by 5 property management companies, and had a run of horrible tenants, but I would wager a guess you got what you paid for. 

I’m not 100% sure if I’m making a mistake in my calculations, but each time, the taxes take a surprisingly huge part of the cash flow.Any feedback/real-live experiences will be highly appreciated!

It's the worst clause ever.