I am in the process of getting a 203k loan as well.

I am unsure of laws there but an eviction I think is a long process there if she doesn't leave? 

Hi, Frank, if the seller only has one year of income and expense data, how can we figure out the right number to purchase?

I do not know the area well and definitely interesting data points.

They will go through the process whether you sign or not.  

You'll want to consider full costs upfront and an architect + contractor team is helpful in that process.

That requires you to be able to send them a certified letter or have a process server hand-deliver the notice. 

Regarding if you should DIY manage or hire a PMC:Many new investors read a couple of posts and then think self-managing their rental property, and avoiding PMC charges, is an easy way to boost their ROI.The reality, is that many of these investors really haven’t taken the time to properly understand what it takes to properly manage a rental property and the corresponding tenants.Here’s a list of some of the requirements to properly manage a rental property:Knowledge of all local municipality, state and federal landlord requirementsIntimate knowledge of all Fair Housing statutesUnderstand all federal privacy laws, as they’ll be handling social security numbers and IDsProper business insurance in the event their computer is hacked and or they improperly dispose of tenant data.Where to advertise their rental, other than ZillowWriting ads compliant with Fair Housing statutesCreating a process to accept calls/texts and schedule prospects to show their rentalA rental application and application fees that meet all local and state requirementsKnowing how to screen applicants to avoid professional tenants and the growing amount of fraudulent dataA lease compliant with all local, state & federal lawsUnderstanding local and state requirements regarding security deposit collection and holdingRent acceptance options for tenants and accounting system to track, including late fees, etc.Plans to handle nonpayment of rent issuesKnowledge of their local eviction laws or access to an attorney familiar with evictionsHow to accept, track and respond to tenant maintenance issuesBuilding a list of handymen and contractors for maintenance and turns between tenantsExpertise at evaluating tenant damages to charge against security deposit when tenants move outResearching local utility requirements to avoid suspension of services that could lead to frozen pipes or flooded basements, etc.

It's been a crash and burn learn process but I still started getting reservations within 2 months and a LTR that will be with me until next year. 

Understanding and educating yourself on the advantage of different forms of financing is an excellent way to get started and feel more comfortable about the process.