240 sq ft is a small studio, so you need to compare your all in cost to it’s potential value...I’d look at 15x GRM as a rental unit value, and possibly what it would sell for as a tic unit to an owner occupant.

We hired the appropriate contractors, in this case electrical and a handyman for plumbing, to finish the job according to what the inspector told us he had told the prior GC.The rough in inspection was already passed so the walls were closed.

PRIOR to background  and credit, I just search the local county online records and make calls to past landlords and employer.

Check out prior landlords if there are any. 

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

I recently started my own property management company, but prior to this I was working underneath a large franchise.

I found some good comps for a few houses, but they are only a few comps like 5 or less. 5 solid comps is fine.CCCR: Close, comparable, closed, and recent. 

And of course if I'm comparing fees from different PM's I would want to include ALL fees, not just the monthly rake from the rent roll.I've never heard of a PM charging the tenant a monthly fee.

There are natural barriers to entry such as legal risks and minimum cash requirements and has a lot of complexity to buy and selling it (say compared to a computer or candy bar).

Hi BiggerPockets Community -I'm currently taking on a flip that's going to need some repair on the roof (specifically the truss) due to some fire damage prior to the acquisition.