We would probably be able to finance the initial purchase, but would need to have the two units we are not living in cash flowing ASAP.As far as we can see it will need LBP remediation (in Alabama you can seal it and paint over it) so probably $6k in total for both units to be rented, and an air system in place.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Part of me is weighing whether or not I should just pass on this deal and just purchase 5 or 6 nice turnkey properties (sorry, I know that's a very newbie-ish comment to make.. and a total disregard for proper asset allocation).

Question, my partners and I own 6 multi family properties, around 200 units total.

I've been told that you can pre-pay the PMI up front (obviously it only makes sense if you're planning to keep the property long term) and that by doing so, you could get a discount up to like 40% - have you heard anything about that?

It’s a 3 bed 2.5 bath, 1500 sq ft  finished (+ 450 unfinished basement for total of 1950 sq ft))  built 1997 with some upgrades.

Totally not worth it imo. 

Just buying a distressed property for 80-90.000 euros and doing a  cheap rehab (10.000 euros), total cost of 110-120.000 euros, you get 7%.

Since you are a pro, use the calculators provided under tools to help but here is my quick rundown on a post-it:Buy = $80kRehab = $30kHML Points = $3kHML Interest = $3k (assuming 90 days held total)Holding Costs = $1,500 (assuming 90 days electric, gas, water/trash/sewer, builders risk ins, prop tax)*Selling Costs = $10k (6% relator fees, 1.5% closing costs)Sale Price = $135kProfit = $7,500*I am taking a very high level guess on your holding costsFor me this is WAY too thin of a margin.

I obviously don’t condone drug use in the house and don’t want him scaring away prospective buyers.