I have been investing in real estate for well over twenty years and can tell you there are a lot of ways to make money in real estate. 

If you do want to move forward with this property, one recommendation I would get is to find a local contractor with experience that you trust and have him advice you on the scope of work that may need to be done as well as the cost it would take.

Hi Bigger Pockets Community!
I’m a new investor based in Kingston, NY, with a focus on the Hudson Valley and Catskills regions. I’m currently diving into the world of rental property investing and exploring opportuni...

A PMC is the ONLY one that will deal daily with your property.Here's some copy & paste advice on hwo to screen PMCs:Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

And then monthly by check or if you don’t trust them certified funds or EFT. 

Real deal killers don't do that.)4.

Most people call their services "cohosting" to distance themselves from what would normally require a real estate license.

Do you have any experience in real estate or investing?

Real estate often rewards patience, and holding in a market like this can allow you to build wealth steadily as property values grow.

That being said, anything can happen, but if you run your numbers accordingly, make sure that your contractor is trusted and do all the other stuff you'll be a little more protected than the next person flipping that does not do this type of calculation.