Since we aren't in that state it would cost more because we can't physically be there to track projects, network for contractors etc.

That's pretty low for a 3-BR - I'm seeing the FMR for a 3BR in that zip code is $1,850.But at $1,300 for rent, you'll probably find HMLs that may lend you around $120k if you have a good credit score in my opinion, which means you'll need $45k + closing costs.

It would cost me only $2300 per month which includes rent utilities furnishing and property management. she showed me one example only of a customer who profited greatly.

However, the property’s cost basis (what they originally paid) carries over to you, meaning if you later sell, you may owe significant capital gains tax on appreciation.Alternatively, selling the property at fair market value eliminates gift tax concerns, but your in-laws may owe capital gains tax on any profit.

For these, costs tend to double across the board, especially for older buildings.

Would you rather set it and forget it and not need to refi again or rather take advantage of low/no closing costs on this loan and plan to be more aggressive on your rate at the time of your refi?

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Sorry one additional item I hit post too soon...The reason I asked about TIA is because you generally want to get a contractors opinion of cost prior to lease during that negotiating phase so you know how much that TIA covers and what you'll be coming out of pocket for.  

When evaluating a property management company, it's important to look beyond just the management fee and consider the full scope of services and costs involved.For example, at our company, we charge a 10% monthly management fee, a $250 lease renewal fee (unless it’s a takeover tenant, which requires additional effort to establish a strong relationship - because usually people are changing pm companies for a reason), and the first month’s rent as a leasing fee.

.: Quote from @Cameron Moore: Another example: the average roof in DFW is replaced every 6 years and the average cost is $40k.