Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Does anyone know current traditional mortgage rates for 15 and 30 year notes in Lubbock, TX?

Also traditional lenders will require that you have 35% "skin" in the game.

As @Upen was referring to I didn’t have the interest correct in my analysis due to lack of knowledge of the higher interest rates for portfolio loans compared with owner occupied primary mortgages.

When you spend money on cosmetic items it must translate into a comparable rent increase.

However, when we shopped around, absolutely nothing compared, and a huge bonus is Bill Kratz!

Personally, I think a decent kitchen and bathroom are important but I have no idea what your unit currently looks like or how it compares to the rest of the market so I can't answer your question.

. $5000 wont be enough to buy a rental in the traditional sense, so what's the plan?

Very poorly designed compared to today's standards.       

He suppose to give you comparables and help you with strategy and negotiation.