However, our seller wanted to actually identify the property prior to closing - they had extension rights in their contract. 

Adding Square FootageIncreasing the usable living space of a home, such as by finishing a basement, converting an attic, or adding extensions, can dramatically raise the ARV.

I think an equally probable scenario is that we'll convert it to a rental, and then look into a 1031 exchange if we think we can trade into a better-performing asset. 

Traditional loans are debt—you borrow money, take on a repayment schedule, and owe interest, regardless of how the property performs.

We regularly take over properties from managers who haven’t performed well, and it’s a seamless process when done right.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

Was a good unit turn performed?

Typically Conventional will end 42% of DTI and FHA can get up to 51% DTI (and based on your credit score I think you should stretch to that 51%) Just a few things to start thinking about as you are working through the process. 

Most property management companies are licensed realtors with extensive experience working with investors and providing valuable insights into their local market.

She is a contractor and she didn't have to perform this cleaning so she doesn't get paid for work not performed.