It also keeps track of all tenants applications, lease agreements, maintenance requests, etc

I am still heavily involved in building/yard maintenance and turnover work,  but I leave all the stuff with legal risk (advertising, showing, leasing, enforcement, rent collection, deposits, etc)  to the PM.  

Sometimes they can make the property negative cash flow or in a worse case scenario prevent you from even leasing the place to anyone but family members.

If you are looking at a small multi-family of four units or less:Rent RollReview all leases, addendums, or other agreementsTenant payment historyAny violation notices, delinquenciesList of all maintenance in the past yearSchedule of capital improvements in the past 3-5 yearsUtility bill reviewP&L for current year plus the last 1-2Service contracts (landscaping, cleaning, snow removal, etc.)Inventory of all property owned by SellerThere may be more but this is a good start.

Do a search for Subject To, Wraps, Lease Options, Owner Financing, Land Contract.

Look into master lease agreements.

The upstairs bedroom appears to be more of a loft and a large downstairs room which could be a family room, large bedroom or workshop.What I would like to do is convert the bedroom to a more traditional bedrooms with doors and closets, possibly turning the the large downstairs bedroom into 2 bedrooms and adding a bathroom maybe in the loft bedroom area.What would these improvements cost?

How many evictions have they handled at the property (may speak to tenant selection quality), how many tenants have left mid-lease (also may speak to the quality of the management, bad managers lose good tenants)? 

That's when the upper unit tenant called me, as he's never really had this problem before and really didn't think he needed to call me because they are all adults but felt it was a big enough issue and now he is thinking about not resigning the lease for next year.  

The upstairs bedroom appears to be more of a loft and a large downstairs room which could be a family room, large bedroom or workshop.What I would like to do is convert the bedroom to a more traditional bedrooms with doors and closets, possibly turning the the large downstairs bedroom into 2 bedrooms and adding a bathroom maybe in the loft bedroom area.What would these improvements cost?