Welcome @Amauri Campos, you chose a great market for sure..

I have about a year of property management experience in the Iowa City market through an internship.

@Jay Levy that's a lot of asks and is too much to type.So, here's copy & paste from our website that may answer some of your questions:-Robust Tenant ScreeningA bad tenant can lead to thousands of dollars of losses via unpaid rents, legal fees and property damages.

It was a seller direct off market.

When I was looking into a similar situation I found the owners info on the county assessor's website, the property was owned by an LLC but I was able to look up the LLC on the secretary of state's website to find the owners info. 

We discussed that in 2 years he would either sell, Rent it out ( and we co own the rental)  or buy me out of my share at present market value.  

However, something to consider is that in midwest markets, big multi family properties tend to attract lower quality tenants.

Stock market returns estimated to be much lower next 10 years.

@Eric Lahoda, is it typical in your market to charge fees for those items separately?

Consider conducting thorough market research.