@Kevin Grinstead, thank you for the welcome and the generous offer.

I personally installed this in an exterior bonus room of my previous primary residence for $1,500, and was extremely pleased by the results.

I'm loving the information here and the great people who generously offer their time and knowledge to help others. 

Now you've lived in it for two out of the previous five and you've gotten three years of bonus income, and appreciation.  

Your current 5 plex already maximizes density more than what the code would allow without a density bonus (which you would need a "d" overlay for).

And a bonus legal apt in the back so you get two rentals for the price of one - You'd like to hold it as a rental so you buy it.  

This would be a difficult but rewarding rehab. 1896 sf on busy street with converted garage & separate utility. 3 beds, 2 baths, plus 200sf bonus space in conversion.ARV probably $180-190k, maybe more.

Glenn Tracy Realtor will be based on full commission on both sides, 6% per transaction, if you want to be generous since he found the deal, go 8%.

Also, I would want them to have some skin in the game, so instead of just paying them a flat fee (say 7 - 10% of gross rent), I would prefer to pay a smaller flat fee, but give them a bonus if the property each year generates a profit above a certain threshold (say give them 30% of profits above a 5% cap rate).As someone who doesn't know as much (yet), I feel like this kind of partnering makes sense to align my property managers incentives with my own.

I if we remove carpet, drywall kitchen, flooring etc.I paid a few of my guys who volunteered  a large bonus,  did demo  for about 3,600 including the full body tyvec suits, masks, and rental equipment.