But the 10yr is pushed by the market, and the overnight rate is controlled by the Fed.

I am living with my parents!

A house belonging to one of my parents who passed away several years ago is in desperate need of rehab.  

Growing up in Balto in the 1960's  both me and my brother had a bedroom in the finished attic , you had to go thru my parents room to get up there . ( and somehow they had 2 more kids) The door was narrow , beds had to be pulled up and thru a window .

The OP is controlling a $500,000 asset with ZERO in to it!  

When you control a property you can then schedule showings and open houses at your convenience.

AFFIDAVIT OF OCCUPANCYApplicant(s) hereby certify and acknowledge that, upon taking title to the real property described above, their occupancy status will be as follows:Primary Residence - Applicant(s)shall occupy, establish, and use the Property as Applicant(s) principal residence within 60 days after closing and shall continue to occupy the Property as Applicant(s) principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower’s control.

I haven't spoken to the current property management company yet, but I wanted to get an idea of some info beforehand because I plan on shopping around for a property management company myself.1) Do some property managers have contracts with the property owners for specific periods of time (i.e. a 1 year contract to manage a property)2) If so, am I responsible for continuing that contract once I take control of the property like I am with the tenant leases?

Raised in Anaheim Hills to parents involved in Investment Real Estate.

@Curtis Bidwell does it make any difference if the property is rent controlled?