I'm looking to purchase some multi family rental properties out of state in the mid-west(arkansa or ohio) and I'm not sure the best PROCESS I should follow in choosing a management company. 

@Nathan WiebeI think @Andrew Syrios is telling & painting the whole story & picture for you.It's extremely difficult for out of state(country) investors; as most are unfamiliar with price, area , market trends & conditions.

We have lesser finishes, but if we refaced the cabinets (since it's cheaper than replacing, and more durable than painting) and swapped the countertops (laminate) we could likely demand more rent, especially since it's a top-floor unit with vaulted ceilings, a huge master, and no shared walls. 

The closing costs for FHA are out of this world so I wanted to go conventional for a few reasons Smoother closeI know I can qualify for the mortgage amount if I can burrow money to put down and eventually give back of course :)Stronger deal than FHA ___________________Rents $2495Unit 1- $895Unit 2- $750Unit 3- Vacant Unit 4- $850Expenses Property Taxes : $245/moInsurance : $227/moVacancy : 5% (extremely strong rental area)PM: 7% ($171.50)Lawn care: $50/moReserves : $100/moCap ex: $100/MO (very well taken care of stainless steel throughout, roof 5 years old, new paint, HVAC 5-6 years old)Expenses $893.50(Income) Rent - expenses =  (NOI) $1476.75Mortgage- $969 (With bridge loan or other burrowed money 30% down (87k) 70%LTVNOI - Mortgage = Cashflow ($507.50)Bridge loan payment - $580/MO87k at 8% 2-3 year balloon -$72.51 cashflow with (bridge loan)$507.59 cashflow without bridge loanKeep in mind I did this for only 3 units, I will be owner occupying this property or should I not?!

I am a contractor (painting) and investor in multis but have not purchased any in sometime. 

After a month or two, check your credit for free at CreditKarma and when the lower payments show up on your credit report, get ready to apply for your mortgage.The 3rd step is to choose a bank or lender that is Fannie Mae backed because they recently changed the student loan rules to be able to use the lower payments shown on your credit reports as opposed to FHA's 1% rule or brokers that say they have to amortize your loan to calculate DTI.With the lowest possible debt combined with Fannie Mae, at least for now in mid-2018 until the rules change, you should have the best chance at a DTI that can get you into a property. 

I am sure the civil action will be expensive for all.From what I read in the attached below you will need to be vigilant as negligence could be VERY expensive . https://www.peoples-law.org/lead-paint-law-rights-and-obligations-renters-and-property-owners

So choose your escrow company wisely if you go with the custom purchase agreement. 

Our first rental we completely redid the inside (kitchen, flooring, bathroom, added a natural gas fireplace, paint, etc...) and choose not to replace the original 1960 windows.

.- There is mold according to the agent- I asked about lead paint and asbestos but agent wasn’t forthcoming (or didn’t know).- Building was built in 1940, all brick- There’s a loading dock and large garage door in back.