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

Hire a contractor or GC with clear terms for execution and completion.Secure financing early, whether through cash, private lenders, or hard money loans, ensuring reserves are included for unexpected expenses.

Included in that was hiring a courier company to run a cashiers check to the foreclosure trustee the morning before the sale literally getting the check there within 30 minutes and then have the sale cancelled record my deed and on we went.

One thing I think I would do is either hire a professional market research company and/or get a local high school or college marketing class to do market research and surveys to see if there is interest and demand. 

@Jae Yoo you should read your PM contract very thoroughly or even hire an attorney to do so, before thinking you can just break it.How would you feel if a tenant just broke their lease with you?

If your landlord wants more rooms painted, I would tell him to hire a contractor and I pay 3200.You can roll two rooms in an afternoon and in the end it's only $100 and at least you have someone who seems somewhat flexible.

Many times though the investor acts as the GC and hires all the subcontractors.

Is this something I should hire a lawyer/other professional for or can I just do it myself? 

It’s worth a look see, just do your homework up front before hiring the other professionals to make this happen.Good luck

People just need to have more insurance and legal experience to deal in this issue and you can't rely on your hired property manager.