By sending a check, in many states, if the tenant cashes the check they are de facto agreeing with your damage assessment and will have little ground to dispute your accounting.  

I think they got rocked in FL and the southeast generally are still assessing things.

Visit their office (or request a virtual tour) to assess professionalism.

The key is to assess your current financial position and goals.

It is quite common to conduct a move-out assessment for damages and apply the costs against the security deposit (SD).

In other words, the cap rate becomes fairly meaningless upon transfer.Your job is to assess whether or not you can make a good profit after buying the asset at whatever the sale price is. 

The only thing is the HOA fees go up and they can do special assessments and you have no control over it.

Aside from educating yourself, the next steps are to honestly assess yourself and see where you best fit into the equation and to build sponsor relationships because these will be very important for you as you start out.If you determine that you're best suited for the "finding money" part, then the content approach is a good way to get your name out there. 

(Inspectors are generalists, so specialists are essential for plumbing and electrical issues in older homes.)Structural Concerns: If potential structural damage is spotted, hire an engineer to assess it properly.Be Diligent and Proactive: Old homes often require extra due diligence.

I would do a few BRRR deals (SFR or small multis) and then re-assess your situation.