If you are considering long term holding always remember to include your reserves for cap ex, maintenance & vacancy. 

They allow you to include up to 6 months of rent payments in the loan if you are unable to occupy the premises during the renovation.Just to be complete, it's also worth mentioning that both the VA and USDA have renovation loans.

. - I've had multiple vacancies, including one where the tenant left after a year and cost me $6k in turn costs.

The amount of downpayment requirement insures buyers having "skin in the game". 

It's simply a numbers game. 

I've calculated the IRR that includes appreciation, pay down, net cash flow;   a batch of my houses in a high appreciation area i earning 60% IRR (modifiec)/yr.  

Be sure to include one of more exit strategies in your LLC documents.

Many PM contracts have an early termination clause, which could include a fee or require a notice period.

Part of considering acquiring a property should include additional possibilities.

Tell the possible contenders you are interested in how they format their statements and what information they include.