Then any revenue above what I am asking for monthly rent they will pay me 70% of that revenue while they pay themselves 30%.Has anyone had any experience with doing business with this property management group?

However, understanding their requirements—such as down payment percentages, reserve requirements, and loan-to-value ratios—is key to getting approved.One of the biggest advantages of working with portfolio lenders is their ability to fund deals that traditional banks might pass on.

I think that the biggest take-away for me in the project is to avoid crawl spaces - I am claustrophobic and hate to enter crawl spaces anymore. 

One of the biggest benefits we can offer over a hotel or large apt buildings. 

I think the biggest benefit of it though is having access to the LOC.

Depending on where it is, your biggest concern should be will the new furnace, AC and hot water tank will still be there after you close.

I agree with @John Underwood that insurance is the biggest hurdle.

If LL uses accrual method, they can book revenue without receiving.  

The main property will be my primary residence.My biggest question is, what kind of foundation would you use, (that is to code and will pass inspection/permits in Charlottesville) that is either relatively easy DIY or cheap to outsource.

If you are borrowing for renovations, you will likely have a draw fee in the $100-300 range per draw.Selling costs: biggest one is commissions.