It's enough to cover down payments on two more properties similar to the ones that we have been buying, however we are contemplating paying off one of our duplexes (about a $95k loan) and take a quick break from purchasing to let our finances calm down and deal with a bunch of repairs and other extremely busy life circumstances that we have going on.

I would much prefer to screen my own tenant.  

I will need an FHA or FHA 203k loan to help with the rehab cost since I don't enough to cover all the rehab.  

Still need floor covering, sink, and toilet to complete the bathroom.

The goal of the 50k is to cover TI,LC's, downtime of lost rent, attorneys fees, tenant rep broker commissions so when the space is released you are almost breakeven with the money.

The reason you hear so many horror stories about PM is because Landlords fail to research and screen.

If you are satisfied with him, I would make sure I cover all bases when writing out an agreement.

Do you use 3rd party sources for tenant screening?

We ended up offering Kevin $500 towards covering our preferred vendor's insurance policy so Kevin could finally close.

Unit 2 ( where I live ) is a small 1/1 with a massive 6 car covered car port and a nice work shop .