•I’m curious how you’re structuring your property management.

If it's a good asset(meaning primarily good location), you eat the 5.3% cap no problem you own the physical asset.

I have NOT placed much research into it but from what I have read their fee structure is expensive. 

JD made some solid points on structuring the agreement etc. 

Given today’s rates, running the numbers with a lender to compare options is key.I work with Aslan Mortgage Lending, and we often help investors structure financing to maximize both equity and future growth.

@Rene HosmanThank you for reaching out and give some clarification for the PP structure.

The original poster's easiest route would be to have the owners of those titles request a lost title from the DMV, and then once the DMV sends them a physical title, have the owners sign them over to him.

As far as whether to approach them with or without an agent - approaching them directly without an agent can save the seller probably 2.5-3% of fees, which give you some room to negotiate on the price, but you need to be confident that you are capable of evaluating the property value, estimating on the amount of work that is needed, knowing how to negotiate/ structure the deal, and navigating the closing process.

Many other investors have asked themselves (and others this question) but what I believe it ultimately comes down to is what are your goals (how much money you'd like to make), are you physically able to manage it yourself and do you have the right organization and systems in place to do it on your own. 

At that time I'll attempt to structure a 10 year term unless I consider a shorter hold period in which I'll negotiate the lowest rate possible to fit a shorter term more closely matching my remaing hold timeline.