@Greg Grant Numbers look good, but sounds like you could be in for some major challenges in the tenant and property management department, EVEN if you hire a PM. 

This is a tough poo poo, you gotta eat the cost and make sure you hire someone that isn't a hack.

My wife and I closed on a property in the Matthews area in Feb which did require some value add but if you’re willing to put in the work and/or hire it out this market will reward you.

May be wise to have seller hire legal counsel to ensure they understand what a subject-to is and the pros and cons.

The biggest factor was that this was our first flip outside of our normal Middle TN market and also our first one hiring in outside contractors.  

I have just been hired to sell my first house, also a friend wants to purchase a multifamily with my assistance.

LolWe’ve just hired a property manager to handle a couple properties that has years of experience in our market area and is familiar with everything.

Thank you for your support.In the future, i will accept only cashier check or money order for security deposit and first rent.It is my first time eviction tenant.Everything is new and stressful.But I hired lawyer; hope everything is going smooth and well.

Would you be doing the work yourself or hiring it out?

While it's annoying to have bad contractors or property managers, all people are disposable in those positions and you can hire new ones.