I’m wondering at what point do you say this property isn’t profitable versus this is really bad property management who doesn’t care and lost this owner a lot of money?

I have read all of the Keller Inc books and believe in the models and systems.

Accounting system of some sort (Quickbooks), and then your biggest challenge will just be marketing and getting customers. 

However, I would not make my decision based on the PM first.I suspect there would be subtleties and nuances in how the PMs would talk with you before versus after the purchase.I suspect the RE agent route would yield more possibilities.Good luck!

 If I could do it over I would definitely buy a four family I started with the duplex then a three family and then a four family and I now do 4 families and larger if one person moves the only missing one fourth-year income versus a duplex where one person moves are losing half your income plus with the price point on a four family your depreciation and you’re write offs are larger and later on your net worth is higher

@Kelly Rogers  When you file is ready in the system with your lender they can run the file in so many ways to give you advise which debts you can pay so you have right DTI for loan.

Chris, I forgot to address this post in regards to ACV versus RC. 

I will have to install a new septic system, and well for these spaces as well.

Your housing systems: heat, electric, water, structure should all be functioning correctly - check those.

What phone system software do you use to take inbound phone calls from sellers?