But what is stopping me from performing all (or most) of the services of a property manager without calling myself that. 

Based on the performance of the asset, is it reasonable to say that if the numbers work I can find a lender that will do 90% LTV?

@Jay Hinrichs I am referring to Dave Van Horn's re-performing warranties from PPR.

You also need a good environmental consultant to perform the asbestos and lead surveys before work is done on the building. 

The function of a good real estate agent is to ensure you get the best price for your property and to perform the associated paperwork.

The property will be sold as is but allows me 21 days to perform inspection.  

These items are usually considered “amenities,” and their absence does not make a dwelling unit unfit for living.These agreements to repair are usually enforceable in accordance with the intent of the parties to the rental agreement or lease.Tenant’s agreement to make repairs The landlord and the tenant may agree in the rental agreement or lease that the tenant will perform all repairs and maintenance in exchange for lower rent.99 Such an agreement must be made in good faith: there must be a real reduction in the rent, and the tenant must intend and be able to make all the necessary repairs.

I hold a managing broker license and also perform property management about 2 hours away from you.

If there was rehab to be done you get that underway and then perform the property for top rents.

Offered me this deal:House is located in nicer KCMO suburbs and easily comps at 112-120kHouse in need of about 23k in updates/remodel (they would perform)Has current renter that has been there 15-17 years but would probably need to leave for rehab (lease is up early 2017)Offering me value purchase price of 83500 (over 10k less than comps minus repair cost)I would get portfolio loan with my local bank there (already approved) at 30% down ($25050)Would open a HELOC to perform the rehab (max $23k)Once complete, get a cash-out refi (with same bank), at 80% LTV of (hopefully) new value of 118k which would cash me out 24k -- enough to pay off the HELOCWould put back on the market at 120k, and if sold would net 25k+ on the deal, otherwise could continue with prior renter or find new renter (pretty easy in this area)Obviously quite a few things would have to go right including the reappraisal, but the comps look pretty easy to obtain that new value.