@Brian WiseIncome tax isn't included in the evaluation of a home, plus you'd only pay if you had positive free cash flow after deprecation. 

For investors that do not need he cash flow to meet commitments, the other profit sources should be considered in any property evaluation.  

It might be a good time to evaluate 2 things. 1) What are the risks of your company going bankrupt (at which point your 401k disappears); or the stock market losing your money in a recession, depression or government default before you are 59 1/2, as opposed to taking a 10% penalty and having the money free and clear?

Also, as they show the property, they have an opportunity to evaluate the potential tenant.Tenant selection - Tenant selection is the most important skill the property manager provides.

This property is on the historic registry and is right in the heart of midtown Omaha in the path of progress.

They are responsible for submitting progress, materials receipts and held to strict schedules for completion.

With the goal of favorable terms in mind as well as have good positive cash flow, sounds like building experience would be beneficial in the residential world first before progressing.  

And, just make sure you're making daily progress, taking daily action, even if it's small.Hope this helps a bit - please, feel free to reach out anytime if you have other questions or just want to chat!

I think having an honest/upfront contractor goes a long way as well as "virtual check-ins" (sharing a video on progress, etc..) via phone can help out.

Are you calling PM’s you already have established relationships with, or would you also do this when evaluating new markets you don’t yet have property in?