@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

If I were to reduce or take out the vacancy, the 2 would cashflow.

2.Are there strategies to reduce the required down payment or secure better mortgage terms?

3) If their handyman can't handle a repair issue and they have to hire outside contractors, many PMC's will then charge a markup for their time - but they don't tell you this upfront or disclose in their management contract.

He’s constantly handing out free advice, wrote the book on 1031’s and handled mine last year. 

Focus on key areas first (like floors, walls, kitchen, or bathroom), which may help you handle the costs more gradually, even if it means moving in furniture or updating fixtures down the line.Also, since the tenant left it in rough shape, be sure to document all the damage (photos, receipts) in case you decide to pursue reimbursement through their security deposit or in court.

Steady pay, you can learn how to manage property and deal with people, and you'll be licensed to handle sales on the side.

When this occurs, area incomes fall and cities reduce spending on police and schools.

Here’s how to handle those:•Negotiate inspection costs into your deal—in some cases, sellers will cover them.

With newer notes especially, partials reduce the discount.I'm not a fan of balloons for seller financing - especially shorter than 10 years.