I can offer a list of services I would expect:Leasing fee covers:PricingMarketingMedia advertisingMember of Multiple Listing Service  and syndicated to numerous internet marketing toolsRealtor referral networkOn-call 24 hours including weekends and holidaysShowing, screening and negotiatingCredit reportsThorough background checksDocument preparationManagement Fee Covers:Move-in/move-out coordinationMove-out inspections with digital picturesEnforcement of lease termsTenant public relationsTimely rent collectionComputerized accounting and property management systemsFunds managed by a trust accountTimely disbursement of funds to ownerMonthly statements covering all activityCPA ready annual consolidated statementsScheduled property surveysMaintenanceProperty Repair Services24 hour on-call service for emergency repairs including weekends and holidaysRepair “help line” service at no costReputable maintenance personnelVolume pricing on supplies and servicesSpring A/C service and lawn treatment at owner’s optionUpdating, decorating and refurbishing if desiredInstallation of security devices (locks, etc) as required by law

I've since discovered BP and I am currently obsessed with the idea of investing in real estate.

Probably not the best idea. 3.)

If you view my profile you can see the general idea of what we want.

It'll give you a good idea of the order of magnitude of the total construction cost. 

PS: I already talked to my family about investing in real estate and although they like the idea, I don't see it happening anytime soon or in an organized manner. 

Productivity app discussions are sometimes similar to religious discussions... but I wanted to at least throw out the idea of trying out Google Apps.  

I'm interested in the idea of working in a real-estate related job while saving toward buying more investment properties.

That idea puts a sour taste in my mouth.Or, we could rent it out and fix it slooowly with the cashflow.  

Sounds like a good idea to me.