I'd have somebody do an assessment of the property if possible to evaluate the condition to verify.

(sorry if its a stupid question, but one i should have asked initially as it was in my mind to do before i posted initially)

To answer a few, I initially plan on the flip.

One of the properties I ran cashflows on seems initially attractive -- 12.6% cap rate (and 28.9% CCR assuming 75 LTV / 30yr fixed rate loan / 6.0% interest, 50% expense ratio, and assumed rent 12% below rentometer.com's median rent for the area in which the fourplex is located (monthly assumed rent is 2.11% of purchase price)).Though my projected return ratios are attractive (12.6% and 28.9%) on this property, I'm not sure if the magnitude of the return is large enough.

The initial numbers are good.

My 2nd mentor was a doorknocker and I'm really shy (initially) so I dreaded doorknocking but it is a very effective method.I've seen others try to develop good training programs b/c they were so frustrated with what was out so I wish you good luck!

For one house (presumably in good condition, in a solid area, with good-quality tenants), are you sure you need to pay a PM for anything other than the initial tenant placement?

It appears the house was framed initially, then the code changed and 2x6's are required on outer walls, so they actually built a matching frame, attached steel bands in a criss-cross pattern to cross-brace, and attached the newly framed outer wall to the existing.

Coming to the house for the initial quote?

He doesn't have the cash to make this arrangement initially and he is planning to use his net income proceeds to purchase the additional equity.