The city recently inspected the property and determined that a converted garage was poorly constructed.

The owner is responsible for any damage to the property that wasn't the fault of the tenant.

I've had properties listed for more than what section 8 wanted to pay, we had to provide comps that their estimate was wrong / out of date for similar apartments. 

The long term goal at the subject property would be to add an ADU to the large side lot and have 2 units OR sell and purchase duplex/ 4plex. 

when you buy a property you'll have a down payment, closing costs,  rent-ready costs, costs to get set up with a PM, a commission to place a tenant...

It has been a dream of ours to own rental properties.

You can start learning the ropes of real estate investing and begin generating some cash flow.- With $50K to $60K, you can find a decent LTR property, but make sure to do thorough analysis on the property's potential for cash flow and appreciation.- LTR properties often have more stable income streams, but they might not offer the same level of cash flow as a well-managed STR.

What is considered a good goal for return on equity in a property?

Brass tacks:4 months into the dealVisited the property a total of 5 timesHired a contractor local in that areaSplit just about $100,000 between my partner and I.

Before I looked at the deal, here's what I asked from him:The purchase and sale agreementRehab breakdown documentation2 HUD statements of previous dealsDeal info (Property profile, funding, security, repayment plan, etc.)Title company involved in the transactionWhat I also asked for was a term sheet from the hard money lender that was lending at first position.