I had a friend purchase a Vacation home financed with RBC last year. 

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

Spruce the place up and find a new, qualified renter at market rate.Don't forget to update your lease agreement.

Purchase price: $232,000 Cash invested: $18,000 My real estate investment journey began with a leap of faith when I purchased my first investment property—a charming but very needy fixer-upper in Connecticut.

Look into seller financing or subject to properties in the area that you want to purchase. 

Look to other members suggestions and, definitely interview your Realtor choices before going headlong into an agreement.

One thing I always remind people is it does not matter what is on a powerpoint presentation, the deal is dictated by whats in the PPM, operating agreement and subscription agreement. 

I got an estoppel agreement filled out to figure out lease terms, etc.

Be sure you consult your agreements with them as well to determine if there is some other action you are responsible for.You may also want to contact your insurance to find out if and when they may step in and do something.

How is PM charging you if the agreement is over?