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?

Then once you gain experience start venturing into other markets.

Later after finding a job (as a regular employee), later I went into business again but this time my venture was a company called Minor Home Repair Co., doing handyman work in 1993.

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

Not only that you will get great value from all the amazing resources that there are on here.Good luck with your ventures!

The property had lots of water damage, plumbing issues, mold, the landscaping was out of control.

Loose the battle to win the war and all that fun stuff but we also need to be somewhat in control.

Its either on a flat percentage or a joint venture (50/50) basis.  

Joint Ventures are welcome, not sure if good starting out.Biggest concern is should I get the money and "dive in" or should I keep some of the money and start slow?

This is not in a rent controlled area or property.