I would suggest being present when this happens so you can see any issues yourselfGet copies of current lease, operating statements for 2 years, any appliance/HVAC/Water Heater purchase receipts, utility bill copies from the sellerDecide what you're going to do for property management.

I still do my due diligence up front and am involved in the big decisions, but I'm not a part of the day-to-day operations. 

They built it without a permit and enforcement compliance stopped operating the entire development. 

Hi, I am buying a new rental property out of state and will be relying heavily on a property management to run daily operations for me.There are tenants already in the property and a property manager in place that the seller is currently using.Should I just continue with the same management company (considering the tenants are familiar with them) or use my agent as the new property manager (since he knows the property well and I have worked with him closely for a month now) or look for a completely fresh property management .Can someone please help me understand what’s the best thing to go with??

My main question was: When I'm looking at numbers (and say I'm targeting a MFU listed around $80k for instance), if I pay for the multi-family unit using a HELOC from my primary residence, do I load that number into my calculations as "cash to close?" 

It's a real thing and you're going to sound dumb when you say it out load.

I’m from Louisville and my wife’s family operates a brokerage down in Miami.

You choose to operate as a professional business or as a hobby.

The operational team is also very seasoned by background but I’ll meet the key managers in person on my visit.

I'm happy to leave that to a bigger operation.