They often overlap, but the analysis must be done separately.

I ran the numbers on my own and I got wildly different calculations.4 units are 2bd/1bth and rent for $5501 unit is 3 bd/2bth and rents for $675Total rents of $2875Owner pays some utilities at a cost of $8,800/ yearHere's what I got running it with the BP Rental Calculator (as self-managed):-Purchase price of $250,000 (I did estimate of $300k ARV price)-25% down: $62,500-Amount financed: $187,500-4.5% interest: P&I of $1,042.19-Capex: 7%: $201.25/mo-Maintenance/repairs: 7%: $201.25/mo-Vacancy 5%: $143.75/mo-Property taxes: $191.67/mo-Utilities: about $733.33 mo-Insurance: $220/moNOI of $14,209Income $2,875.00 - total monthly expenses (including debt service) $2,733.10 = $141.90/mo cash flow and 2.64% COC with a purchase cap rate of 5.68%.I told her I must be missing something, and she asked if I “had the NOI at $21,662?”

Such purchase can be financed, but the loan must be non-recourse according to the IRS rules. 

The PM maintains a list of vendors who they vet and must ensure the vendors are compliant with their operating standards such as having a Certificate of Insurance naming the PM as an additional insured, receive invoices from said vendors, pay vendors, checks vendor work (in some cases) and ensure the invoice is appropriately accounted for in the asset/owners account.  

Bo Kim Very interesting, a consultant for a CPA firm, must be some mad skills. :) I’ve been around BP for a while, and financial side is a weak point of mine, particularly loans or raising money thereof.

For past two month as you requested , I have visit in person in your apartment and you want me to personally delivery a signed rent receipt ?

The big difference is that you can (must?)

I have never heard of bringing a buyer to the first visit.

My plan is to visit the house tomorrow to verify that it is vacant.

Another advantage to you buying property back home is when you visit for the holiday's you can potentially write off your travel and cost of stay as property management costs.