James Wise is the guy you need to talk to in Cleveland!

I think it would be wise for me to partner up with this small group because of my limited experience, knowledge, and funds.

Even if you plan on self managing it is wise to include PM in your calculations.  

I agree with @James Wise that you must cover all of your bases when investing in a property that you cannot physically see.

The third floor needs the least amount of work on this house so our focus remodeling wise is to get the 3rd floor/common area finished so we can get the 3rd floor up for rent ASAP.The water is on to the house and we expect to start some plumbing work this week/next week for the 3rd floorThe electric heat install for the 3rd floor unit is scheduled for next weekWe are finishing up a 2-family rehab in nearby Bristol, CT so we are working on getting the roof, plumbing, HVAC, and electrical squared away with this house so when our employees are finished with the 2-family they can hit the ground running with the remodeling of the 1st and 2nd floor units. 3rd floor should be done by then.

Originally posted by @James Wise:@Miguel NavaIf the tax appraised value is drastically higher than the actual value of the property & you can prove that with comps & a recent purchase agreement it's not that tough.

Teach me oh wise ones! 

very polarized opinions on this subject.but generally speaking.buy at or as close to the median price point for a given MSA do NOT get sucked into low value looks great on paper properties that are in tough to manage neighborhoods and you don't realize it until you own it.other wise its just like buying any other real estate.Home inspection.... 

Money wise you have an asset that costs you and maybe you can access the equity while she is alive.

The bank I ended up using mostly was looking at how I ran numbers wise.