If  the numbers work the next step like I said is to thoroughly investigate the Park & Management.You want to know everything you can get your hands on regarding the park - they have a lot of power so you need to know what you're getting into. 

Thanks @Scott Mac, @Jay Hinrichs & Account Closed We let the initial listing expire and had fresh listing with new agent in January.

Is it well lit, clean, freshly painted and sanitary? 

We did more investigating and to get a special exception was going be extremely difficult The good news is that it is up to the developer to figure it out.

Fresh paint and staging inside with new hardware and lighting in the kitchen and bathrooms.

Just a suggestion to investigate the bigger multifamily....lot of folks (including myself) wish they would have skipped smaller stuff and gone straight there.

Still fresh into this thing, trying to get involved.

Like you said in that water bill is something to investigate it will eat up all your profits.

A good one will be worth the 8-10%, and SHOULD be able to do better than you would if you were personally managing through the advantages they have due to expertise and economies of scale.Spend your efforts investigating turn time, vacancy rate, and maintenance costs with each management company.

Lenders would want a fresh report to make sure you didn't take out a bunch of loans in the past quarter.Regarding rate shopping, your lender shouldn't need to run your credit to provide you a rate quote.