(700+ properties yielding 600K is less than 1K/property before expenses)   Lastly,  many property management companies refuse to manage S8 housing for the above reasons so good luck. 

What if A brings downpayment and B will manage it and minimal rennovations are needed.

Does that mean the actual manager or a local contact.

I am also a project manager and a architectural designer for a real estate developer in NYC. 

Do you recommend making relationship with property management companies?

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

The #1 reason that Landlords fail, according to the American Apartment Owners' Association, is the landlord's failure to manage to the lease.  

Explore remote investing options like turnkey properties or out-of-state rentals with property managers, and use summers or gap years to network, analyze deals, and gain hands-on experience.

I am a single house landlord and manage the property.

Last thing, I would strongly consider consulting with a knowledgeable property manager or attorney once you have a copy of the current lease and all of the facts.