In summary do your homework, vet the expenses, make sure a cap expense allocation is included (even if RE has just been rehabed the lifespan of all components has started), find out exactly what is included in the PM costs and if that is the full extent of the PM fees (i.e. is there a markup on contract/maintenance work, are inspections included, etc.).Good luck

Also a big component for me is that my PMI insurance will be around $150 per month due to only the 3.5% down/equity (with FHA, PMI insurance is required for 60 months unless I refinance).Here are my current (rough) numbers:(Please check and make sure costs look accurate)Sale price = $110,000Est. rehab costs (added into mortgage) = $6,000Total property cost = $116,000Closing costs added to mortgage (est. 5%) = $5,800Total Cost = $121,800Downpayment of 3.5% = $4,263Mortgage on $117,537Estimated PMI insurance = $150 /monthEstimated PITI (excluding PMI) @ 4.75% interest = $740 /monthTotal monthly payment = $890 ($740 PITI + $150 PMI)Currently rents for $600 per side.In this case, I will only have roughly $600 per month of NOI (using 50% rule).

if you replace with steps know that section will require railings depending on how many steps it is.Once you know all your key components are good like AC, foundation, plumbing etc and you still have money, I'd do tile assuming you know you have a stable foundation.  

One of the key components is making sure that the home you buy is 6 bed and 6 BATH.

If you try simply applying a model and excusing yourself from the leadership component that is required to manage a bunch of lazy, insane salespeople it won't work.

If you do buy with a warranty deed as mentioned above, a title abstract search is included as a component of the title binder.

I'm looking for a C property with a value-add component in a B or appreciating area.

This would have been difficult to achieve with 3rd party management, as they are simply not capable of executing on the value-add component. 

Whether the owner is living or dead is not an essential component, at least not in CA. 

A primary component of a property manager is to stay in constant communication with the owner of the property as to the economic performance of the asset, and that includes everything from maintenance costs to evictions.