If you find a good manager, they will ensure you get a quality tenant that pays top dollar and takes care of the home.

The planks had a fair number of gaps so we needed new sheathing.

It sounds like most people think they know what they can get out of  a property and are willing to bid fairly close to that end number. 

Vacant land is a great place because no big issues and you can buy and sell all over the country fairly easily.  

I would check all your local codes, and ensure each unit is up to par.  

The hot markets here mean a fair amount of effort is required to find good deals, but they also mean strong rental and buyer demand for high quality rentals or flips. 

They dont have any other rental properties but their family owns ALOT.What do you think is this deal fair to me?

If so, you can bill back water/sewer consumption (increasing the NOI and cutting one of your largest expenses)  but you'll want to see if that's common practice with your competition and ensure rents line up as well.

If PITI is less than the fair market rent value - then it is a non-deductible personal property, opening a large can of worms.Finally, if it is to be an LLC property, you will be a part-owner, with various implications for estate planning and family dynamics.I can think of some other issues, too.

The PM maintains a list of vendors who they vet and must ensure the vendors are compliant with their operating standards such as having a Certificate of Insurance naming the PM as an additional insured, receive invoices from said vendors, pay vendors, checks vendor work (in some cases) and ensure the invoice is appropriately accounted for in the asset/owners account.