I'd recommend interviewing multiple PM's and seeing which one fits your style and expectations.

After the check is written on the borrowers undisclosed deposit account, the bank sells the note into the secondary market.

Sometimes it's nice to get a new lease so that you can increase the rent right off the bat, but having tenants with a solid payment history is worth so much more to me.

I actually had come across your post below in the Events forum and thought to myself it would have been nice to attend that to see first hand a local flip and talk shop about the process.https://www.biggerpockets.com/forums/521/topics/1215682-chec...I am happy to hear that someone with your experience in the region feels that Westchester is a market with some potential.

Philly is a nice option, but you have to study the blocks for about a year to be sure you understand the area you are investing in.

Like @Kyle Mccaw noted there is significant value in goodwill and I imagine you profited nicely over this pleasant long term relationship. 

I allow pets and charge a pet rent of $35 a month, its nice bit of extra money and pet owners tend to stay longer as tenants.

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.

The cash flow would be nice, but are you planning to hold for a long term or refinance before the balloon or sell?

So I was hoping someone else could benefit from having the big pieces like couches and beds, nice TVs, etc.