I'd like to increase the value of my policies and processes to the Investor who hires a PM to manage their assets.

“We had interest from all over—numerous groups from New York and California,” said Finley Askin, associate director at SVN Chicago Commercial, the brokerage hired to sell the buildings.

Smartest move was hiring a local attorney who knew all the folks at the title company, as well as others involved. 

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

So I would take a huge hit if someone decides to squat and I have to evict because not only do I have to hire a lawyer but I am getting $0 income from rent.

I'd be wary of hiring a property manager.

Your current tenant will plan to reserve a day for cleaning or hiring a cleaning crew once they are out if possible so they get their full deposit.

@Kourtne Stancil have you hired a home inspector or someone to look at the property? 

If you do not already have a partnership agreement you guys need to hire a lawyer to hammer out and draft one first.

I would try to hire a contractor and walkthrough with them to get an estimate or get a more experienced house flipper to help you.