If the investors aren't thrilled with their PMs, reach out to new ones through internet search and ask for references.

What was the biggest mistake you made in multi-family investing and what did you learn from it?

If time is your biggest concern you better have the budget for over time on labor and air freight on materials.

Or is it just there is not an internet connection?

The biggest challenge I am anticipating is that when I walked through the property to evaluate it 3-4 agents were walking their flipper clients through and because the owner lives out of state and has to review all offers with their attorney they will not be reviewing offers for another week.

Have you talked to a local insurance agent.If you're going to get "$750 all bills paid" for each room, why aren't you including electric, gas, water/sewer, lawn care, and cable/internet in your expenses?

I guess my biggest concern is having a $500,000 loan and only $830 coming in.

.- Image quality- Build quality- Feature setThese are the biggest difference points. 

@Deborah Repaskey Buying a house that is 70 years old is getting better every year, one of the biggest issues with older homes tends to be knob and tube wiring or plumbing that isn't copper, both of these really started to be changed to modern standards starting in the 50s so that decade can sometimes be a mixed bag but those are going to be your primary concern unless someone hasn't replaced a major system like a roof in 70 years. 

Some pockets in Lawrence are appealing to me (although I know there are some rough areas), but one of my biggest concerns is vacancy.