There was little plumbing involved (other than a water line for the washer) or structural changes needed (there was a concrete slab already where the patio was).

Small home repairs and late night phone calls are a minute part of land-lording, there are also a lot of legal aspects involved. - City rental certifications can be required- There is certain paperwork that you need to give someone at the time of signing a lease with them (lead based paint       disclosure and pamphlet, inventory checklist, etc...)- If someone stops paying rent you may need to go through an eviction process- When screening tenants you need to do a thorough check of who you're renting to- There are several Fair Housing laws you need to be aware of when placing a tenantOften times, a PM company will even be able to cover their own cost by receiving the highest rental amount possible for your investment, most likely higher than you could by yourself due to the exposure and avenues they have for marketing.

It can be a nightmare if you let your emotions get involved, but a lot of folks on bp evict tenants regularly and it's a pretty straightforward process at the end of the day.

. * Make sure anything you buy in Plymouth is allowed to have student housing in it, the town has been cracking down on this and many of the downtown neighborhoods have had enough of the partying of students in residential areas etc.

Do you mean partying? 

As I mentioned, the condo association docs don't prohibit it, but they still may try to block it and get lawyers involved.

He doesn’t want to be involved at all with the property.

Once the offer is formally signed by all parties, I'll have 15 days to get with inspectors and contractors and come up with a final number. 

Turns out a 3rd party bidder just won this auction this morning for MORE than the appraised value and far more than the HOA Lien.

Turns out a 3rd party bidder just won this auction this morning for MORE than the appraised value and far more than the HOA Lien.