You'll be thinking about that quiet a bit, I bet.  

I am totally new to the investing world.

I don't mind something that needs a little rehab just not a total gut job since I am not in the area. 

Up/down double $57,000 purchase price (hopefully less)PITI = approx $500/mo with 25% down conventional loan$14,250 down + closing costscurrent rents total just over $1200/mo for both - leases in placelandlord currently pays about $200/mo for water/sewer/trashI figure about 10% vacancy and 10% maintenance which leaves me with about $400 monthly cash flowThe two major concerns I have are that it needs a new roof (tear-off) and that it has a funky layout.

If she will not complete the document or do a background check I would be will to bet you will have issues down the road.

Up/down double $57,000 purchase price (hopefully less)PITI = approx $500/mo with 25% down conventional loan$14,250 down + closing costscurrent rents total just over $1200/mo for both - leases in placelandlord currently pays about $200/mo for water/sewer/trashI figure about 10% vacancy and 10% maintenance which leaves me with about $400 monthly cash flowThe two major concerns I have are that it needs a new roof (tear-off) and that it has a funky layout.

Totally worth what they charge to avoid trying to dig into all the details yourself.Also, you can only depreciate the building, not land.

If a property that is worth 5.3 million today at 6% cap approximately, can be bought at 5% interest rate; if the same property I could get at 4.3 millions in 2 years if the market falls, then interest rate possible at 6-7%, my cash on cash may be better but still not significantly better due to the higher interest rate, plus opportunity costs of sitting on capital for 2 years (1.3 million investment earning 1% bank interest instead of 7% COC if invested, loss of tax break depreciation, total loss may equal 200k loss in profit), plus increase in the rents and some value add could increase the cap from current 6 to 6.7 or so in 2 years.Unless, I find another source that can give me a COC of 7%, sitting on cash for 1.5-2 yrs for market to correct may itself be a loss.

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

Like one little lot split i was doing in Lake Oswego.. we do the pre app and all the other things to get to a land use decisions ( probably 15 to 20k)  and no mention of this through the whole thing. .but one of the land use conditions was to replace the old water line in the street with a 200 ft run of 8 inch ductile iron.. all for hooking up two houses.. total BS this is a major road.. the cost to do this will be significant .. so we are appealing that condition..