However, we are taking over from a PM to self-manage and are inheriting the current setup.Our biggest concern is that this first communication from the tenant was a sob story asking for $500 back/off rent.

It counteracts human nature, which is laziness, greediness, self-centeredness.

That one can be found though for sure.When I was moderating, it was frankly laughable the excuses the very few people made when their posts were obviously self-promotion.

I would be happy to run a CMA for you and make sure you're confident in what you would get for your property. 

I highly suggest you use our marketplaces to find trusted, investor-friendly team members: Tax Pro finder: https://www.biggerpockets.com/business/finder/tax-and-financ...Lender finder: https://www.biggerpockets.com/business/finder/lendersProperty manager finder (if you go that route and don't self manage): https://www.biggerpockets.com/business/finder/property-manag...

But starting with single-family can be a great way to gain experience and confidence before tackling larger deals.If you were someone I knew personally, I would probably suggest multifamily, but it's not for everyone.

Unless you are confident in estimating the renovations needed, I would highly recommend getting a contractor's professional opinion of the rehab costs.

Quote from @Dominic Mazzarella: Quote from @Cody Maxwell: I currently am building spec homes in a rural area in Colorado and have been self funding the spec builds.

We feel confident in Mr.

It's going to be more about your confidence in the market that you can afford than anything else, so the primary thing is to look up a few areas you might be able to afford and then look for someone local that can hop on a call to give you an idea about what investing there is like.