As far as tenants; I don’t know California’s laws but basically you advertise, screen, get a landlord type of insurance policy, sign lease, set expectations, take care of tenants and home but don’t confuse that with being soft on due dates etc.

@Florent Cohen a lot of the investors I work with are choosing single family homes due to the appreciation expected in the Tampa Area over the next few years. 

i am sure the insulation isnt the best , thats to be expected .

Obviously, expectations would be set up front with the initial investors. 

It is subtle, but the true Cap Rate ultimately represents an aggregate return that investors expect to deploy capital in the marketplace.

It's kind of confusing because I'm expecting a "no" from them, but it's as if they want me to spend $4,000 - $5,000 on an architect to get the "no." lol

What is the typical/expected management fee for an office building of this size?  

If that's true, then you better get it under contract before the seller finds this forum.I'd say it's also a bit naive to expect the house to be perfect beyond pressure washing and carpet cleaning.

The market is priced correct for the expected investment return in all markets.  

I have the typical competitive drive you'd expect out of an athlete.