Even if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

I enjoy working with people but have learned I want to reserve the right to be more selective.  

@Jennifer T.Even if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

@Bruce SteinetzEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

If there is a wide disparity in credit worthiness, then the person with the better credit should have more than 20% ownership in the LLC.

There are a lot of factors to consider when selecting the best strategy, such as your current tax situation, the location of the property, and other relevant factors.

This is unfortunate on several levels because it is extremely important to make sure clients are educated about all of their options, including the PPP options associated with DSCR loans before locking them in so they are going into the transaction with full knowledge and eyes wide open. 

As I'm sure you know Prospect Heights is very desirable, but prices will vary widely depending on which street your on,etc. 

Check out this thread:- www.biggerpockets.com/forums/223/topics/304169-fir...The trick seems to be: you need to come up with the cash FIRST (from any source you can) to pay for an under-priced property, THEN apply to finance it as "delayed financing", at which time your carefully selected Lender will give you 70% of its APPRAISED value - up to the FULL value of what you paid (whichever is less).

@Kyle Hassig   I talked to several brokers, PM and inspectors first and identified some properties, then went out and walked various properties with them and selected the people I wanted to use.