I would be buying it to hold and rent, sorry I left out!

I don't like the idea of holding a 2nd if there's going to be a market correction, unless there's a lot of equity in the property.

Not all true, the 2nd can still hold a lien against the property... 

Update: The reason the seller wanted to hold the info about the property manager is because they were concerned we were going to pull the plug on the deal.

My interest in this BP site is to learn and excel in RE investment, especially in flip and fix and buy and hold for investment properties.

I've been a buy and hold guy for about 10 years, all single family.

I am always on board with getting a property and doing the rehab,that way I know what is/isn't done I control the quality of materials and often opt for more durable materials that will hold up for multiple tenants.Based on your numbers it sounds like your looking at a 4/ 2br?

Are you looking to fix and flip or looking to hold onto it?

Although the first one I did not have to hold any money in escrow for the construction. 

It's holding value, but probably not going to appreciate as much as other areas if Lubbock.