Factor in a buffer for maintenance and unexpected costs.It's also wise to discuss rent, utilities, house rules, and guest policies upfront.

And the scam factor is huge too....They won't have local banks or other business contacts like Lawyers and CPAs...What are you guys thinking?

If you decide to proceed, record everything. 3) Many ways to go about this but you should consult an attorney before even going over there to review your options but you will likely have 2 main options all of which lead to him moving out: - You can go it the nice way and offer keys for cash, you pay him (an amount less than you would pay for legal fees) to move out; the contigencies are that he must move out all of his belongings, sign a termination, and you pay him on the day he leaves at the door as he is moving out (you then change the locks) - he's out and you have a signed termination, the end. - You can go it the more heavy handed way and you will likley be able to file for an emergency eviction becuase your property is being destroyed, to do this you should take photos of the damages during your walk-through. 

You should have billed them back for the damage at the time the sale as any other monies owed under the lease like a late fee.

No matter what market you choose, the most important factor in a BRRRR strategy property is your GC.

Before taking the leap, thoroughly research Section 8 in Detroit, talk to experienced professionals, and carefully analyze the numbers, factoring in possible risks and rewards.

The other would have small positive cash flow if self managed but is negative with the PM fees.  

.), security cameras, track remote employees (they will steal the cash), cost to install pumps, license fees, hard equipment needed- registers, apps to run the register information, accounting, legal, cases for merchandise, shelves, door hardware, heater or HVAC depending on location...This is a tiny community there won't be a local plumber and electrician... add some cost for time to contact your team and travel will make any repairs more expensive.

I'm also getting a small monthly management fee on the back end (a few hundred bucks).Anyone got any advice?

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?