Now for the good news: if you're simply acting as a rental collection service, or Contractor who handles repairs - you're fine without Licensing.

Did you encounter any opposition or criticism of their services from an attorney or accountant?

Considering this, you need to make sure that you have sufficient money reserves to cover any unexpected repairs that creep up (they always do).  

However, you still have closing costs to pay for and lenders will still want you to have reserves.

It was offered to a relative of mine as payment for services rendered, meaning we risk losing nothing here.

Owner said has long term tenant on one side of 9 years , building has had  great rental history.  600*2=1200 monthly1200*12= 14400 yearly taxes/insurance =2800 yearlyrepairs/maintenance 10%= 1440vacancy 10%=1440 14400-2800-1440-1440=8720 NOI20% down on 99000 @ 4% interest 30 years =19980 mortgage payment roughly 382 a month /382*12= 4584(NOI )8720 - (debt service )4584= 4136 monthly cash flowcash flow 4136 / (money invested) 19980 =20% ROIAm i missing anything here ?

Not jewelry, Computers, Guns, iPhone's, Dental Services, ….. just shipping and paper services.Now, one half of the building will be empty in about 40 days, so there will be a totally empty 1000 sq. ft. very nice open room / office available.

You can choose to flip a home, build a bigger reserve and decide to BRRRR.

I’ve signed with a Property Management company with realty services.

Then save up your reserves for future deals.