I may have to meet the owners and just develop some relationships to see how they are getting the ones they own and if they’re interested in selling.

Here is the snapshot of the same spreadsheet, but with the IRR formula revealed:So you can see, Excel Calculates the IRR for that 5th Year as 19.24%... very slightly off from Gallinelli's 19.25% for year 5.

What I wrote above does not create an attorney/client relationship between us.

my property manager has been an excellent resource for setting an appropriate rental rate, as his years of experience exceeds anything I could estimate via online resources

What I wrote above does not create an attorney/client relationship between us.

You sound like you have begun a good relationship with yours already.  

Also, if I would choose to rent it on yearly basis, do you foresee any issues with the fact that the unit is fully furnished.Would you know any good/excellent and honest property management company that is providing services in the area?

They are relying on the MLS to sell a property, not marketing, experience or relationships.  

Maybe you are going to only do pre-foreclosures, read up on the process, call and talk tot he people who handle these cases and build a relationship with them.

I've been using a combination of google contacts, excel and an app called CamCard to scan business cards.