Looking for someone who does quality work at competitive prices and knows how to communicate throughout the entire process (and can work at a nice speed).

Considering this, you need to make sure that you have sufficient money reserves to cover any unexpected repairs that creep up (they always do).  

When interviewing a property management company, what are some specific qualities you look for, and do you have any specific questions you like to ask them?

I have a couple of quotes for repairs on the roof, and I have a sense for about what it might cost to do some other additional things, some we might do. 

What repairs need to be made immediately?

Would you alot more than 10% for repairs and 10 % for vacancy ?

@Jake Johnston I think what @Jd Martin is eluding to is that with the construction (or maybe you are referring to a purchase/renovation loan) loan, the money for the repairs is held in an escrow account and you have to jump through a bunch a red tape just to get draws. 

This should have been addressed within a few days of putting it under contract, at which time you could have asked for a price reduction, repair, or get out of the contract if no suitable resolution could be reached between the seller and you. 

Has anybody ever heard of a strategy along the lines of:1: Showing homes in need of repair to potential home buyers2: Have the potential homebuyers tell you what kind of renovations they would want in the house3: Get a contract between you and potential buyers for you to buy the house yourself, do the renovations and then sell the house to the buyers after all renovations are finished.Essentially instead of the homebuyer buying it and then worrying about doing all the renovations themselves after it has already been bought, they can pay somebody else to renovate it before they put money into it then buy it after it is finished.

Looks like a lot of work to be done to upgrade the units and get higher quality tenets in them.