https://www.rentometer.com/ for very basic rental rate info in the area where you are looking

I'll round the numbers for the purpose of this discussion but basically we paid $440k for the property and have a planned reno budget of $100k.

My parents who own our company keep telling me it is not possible for me to do this deal.I'd been working to get pre-approved for a loan to potentially utilize FHA 203k but my pay structure is commission based for the first time so I qualify for basically nothing (or the bank I tried to work with is the worst). 

Many people use an attorney to draft the purchase contract after the basic terms of the LOI are agreed upon. 

I don't know which markets near you that would work it, but those numbers seem like a safe, healthy starting point for you to do a little proof of concept work.Good luck!

House hacking is absolutely the best way to start and you start making connections with realtors, contractors, and learning basic property management skills.Definitely take advantage of all the free content on here, especially the  Finding Deals and the Strategy sections. 

Basically a GC. 

Nowadays is all about open concept and a big multi-function family room with an open kitchen.

- Does the PM handle evictions- Do most PM's print up quarterly reports to show if building is making or losing money- Basically, do I pay the PM monthly off rent, and then literally manage the entire building?

It basically turns into part of their down payment when they exercise and buy the property.