I recommend Tommy at District Title to perform the work.

So for instance a portfolio deal I did last year, no renovations necessary, already performing assets:Purchase Price: $994,000Appraised Value: $1,265,000Max Loan: $885,500 (ARV*.70)Amount Down:  994,000 - 885,500 = 108,500 Since 108,500 is more than 10% of $994,000 that's what we put down.  

Plus, if it's your first experience with a property manager (and out of state investing) you might want to see how they perform on something that's more cut-and-dry and letting your first experience with them be managing a rehab project.  

How have they performed?

So, also I am not investing in Non-Performing notes and would like to grow more in this market. 

@German Hernandez it all depends on your goals and how the investment is performing.

Background, credit and all other checks are being performed now for the daughter, will know the results soon.Thank you

I feel that my formal education has helped me in many ways such as understanding how to read and analyze financial statements, performing cash flow projections, and understanding metrics that affect risk and returns.

First, see Sch-C vs Sch-E.Second, the appraisal is not performed based upon EITHER schedule.However, the GSI-Expense = projected NOI, times 0.37 is actual NOI and that has to cover the mortgage+interest, insurance and taxes.The high vacancy rate (1.00 - 0.37 = 0.63) is a killer and usually, you would take such a loss ONLY because you would be year long resident AND love the life style - - aka it's typically a bad 'investment' and you're making this choice for OTHER than financial gain.

Don't baby sit and set the bar where you EXPECT the tenants to perform.