This individual has offered a $50k down payment and I hold the note for the remaining balance of $55k at 7%.

BP Team, Seems like there is a lot of interest in other posts regarding whether it is necessary/wise to have an holding LLC in addition to individual LLCs that own property.

We don’t know anyone in the area, but you might want to read our series about “How to Screen a PMC Better than a Tenant”, since selecting the wrong PMC is usually more harmful than selecting a bad tenant: https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesAdditionally, don't treat property management like a commodity and just focus on the lowest price!

Is it a company or an individual? 

I’m excited to start meeting like minded individuals!

They work with pretty wealthy individuals who typically pay in cash.

They were all listed individually on the MLS, so I packaged 3 of them together to get a good price.

Recapture is not usually underwritten usually because it’s too nebulous and far in the future to estimate reasonably.Returns are based on actual cash flows from the deals and the individuals are responsible for managing their personal tax strategies.

I am an extroverted individual so I wouldn't shy away from any suggestions. 

on the Bungalow homes, which typically have wood beams and piers that sit on individual concrete footings, the footings & piers may also need to be "straightened" because of 100 years of rain and wind, or replaced due to rot (not often, since they were built with heart pine).