I probably should also have mentioned that I renovated my own home, completely, including a second floor addition back in 2005.

Also, what are your employment plans for when you separate?

My default position has always been, "No one will take better care of your property than you".However, here's a list of issues that can force you into using a PM:Out of State - non local propertiesRE inventory that requires too much of your personal timeSpecific properties with a unit count that then require onsite managerIn Calif, (3) the count is 16 or more units, and if you hire a manager, then you have to follow all the employer regulations, which easily adds 35% above the salary. 

Obviously I don't consider this a great deal and I have no reason to believe that he will actually pay me the additional $600.

Also I am self employed and it is almost impossible for me to find reasonable conventional financing, almost limited to these type deals or owner financing.

I try to listen to at least two podcast per week in addition to reading the Blog. 

I'm self-employed with no employees and my business will net about $100K this year.  

Quick question before I give advice -- based on the cost numbers ($28K purchase, $50K rehab, additional $15-20K rehab, plus any purchase/holding/selling costs), it appears that there's a good chance you're going to break even or lose money on this deal.Are you prepared to do that? 

Additionally, I will be attending the Ocean County Sheriff Sale this coming Tuesday to observe (we have two private lenders who are interested in working with us).Thank you in advanced for any assistance you all can provide!

@Jason Bradstreet Please provide additional details about the type of property you are seeking.