The seller has held title for quite sometime, so they have clearly demonstrated their intent to hold for investment purposes. 

(CRMC).These are companies that have been audited by the National Association of Residential Property Managers and have demonstrated a high standard for both procedures and customer service.I believe the best way to find a good property manager is to seek a property manager out and has invested in advanced training and education and has attained designations, usually they also have years of experience.

You really need to demonstrate you willingness to be fair and assist them to solve an existing problem or potential problems.

Both types tend to have a lot of knowledge at their fingertips, and by virtue of their willingness to teach America's youth they have a demonstrated interest in passing that on.I would imagine that your ideal contact would be a recently retired guy who still knows all the local codes, processes, etc., who would enjoy a gig, and who doesn't need a full-time job.

Using your numbersPurchase price - $230k to $300k say $265 for demonstration purposes20% down pmt = $53, 000Loan amt $212,000 at say an 8% interest rate = pmt of approx. $600/mo or $7200/yrMonthly Rent = $2,500 less 50% expenses = Forecast NOI $1,250/mo or $15,000/yr less debt service = annual net cash flow $7,800Resulting ROI = 14.7% ($7,800 / $53,000)Again this is based on your numbers

This would demonstrate that you were proactive in arming (protecting) yourself in the event this were to escalate.

Investor contracts tend to be more beneficial as to what they are doing, buying or selling, another frown and if it really sways one way a judge can get ticked off.You can use a standard agreement and use an addendum to address any issues that can modify or amend any part of that agreement.Custom contracts should only be made when a standard contract is not available or where so many modifications would cloud the intent.There are a lot of bad contracts out there, to select a good contract you'll need knowledge and experience, it's good you asked, but it demonstrates you may not be able to select a good contract.

If the applicants are in one the HUD protected classes, I think this could invite discrimination accusations unless you have a clear, concise, and written waterfall system that demonstrates your increases are based on any/all applicants criteria.

Best approach is to figure out who the most successful licensed professionals are in your area and demonstrate your value to them by being able to quickly close a deal when opportunity knocks.

If you purchased 10% below market then you can better demonstrate your appreciation.Do ALL the work for the appraiser in terms of collecting comps and pointing out the differences between your property and the others sold.