They also know about real estate so less likely to charge you extra fees to get an appraisal or BPO because they can estimate the value themselves.

Quote from @Olga Daisel: @Randall AlanI agree with Randall on getting more details, $7K gross a unit btw is a great gross income.

Add that to the $1.2M and we get a total ask of $4.7M.The $400,000 in earnings could not support that debt service and he was unwilling to lease the real estate to the new buyer. 

Essentially all legit buyers will get an inspection.

That's why appraisers do the comparative approach and then secondarily the cost approach.So far, 100% of the time you don't get dollar for dollar back from what I've seen.

@Chantelle LewisRecommend 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 (BiggerPockets: The Real Estate Investing Social Network), 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.

Alternative is to get a board certified real estate attorney to assist you.

or need to get texas license? 

For the value add we're going to fix up the roads, add a nice sign and fence, replace mailboxes, add lights and fix some plumbing leaks.

I think about this often, its really just running the numbers - if you borrow 100k at an 8% interest rate, will the investment get you more than an 8% return?