In the meantime we plan to rent the property out.

Acquired the property with cash (to compete with all-cash buyers at the time) and then refinanced 2-3 months post-close How did you add value to the deal?

I want to go for the lowest but I also want to make sure that I am appropriately protected.

Hi Shelton, welcome to BiggerPockets!

When there's tenants already occupying the property, there's often times different leases that were signed among the tenants.Additionally, renting by room usually sees higher tenant turnover which in turn causes more work for the PM.Other challenges to consider:- Disputes/conflicts among tenants (different personalities if a tenant doesn't know the others prior)- Occupancy limits- Splitting utilities (what if someone uses more water?)

Any issues to look out for or avoid?

Will they have to contact their bank ask to set up a recurring deposit to my account?

I just got my first rental property so I am very new to all of this. 

In others experiences with hiring out, is it best to go to a GC?

The rents were at $1000 a door with a potential to increase up to $1250 after some small TLC renovations.When you factor in the price point, lower taxes and lower insurance you have yourself a sure fire cash flow deal.