Properties don't perform good just because of the lack of management. 

@John Clark Thanks for the extensive explanation.

Hello all, was just informed me that my tenant who just signed 1 year extension on his lease told me he's closing on a house in 45 days and wants to break his freshly minted lease.

When any repairs or work are done, I take the invoice and classify it in my book keeping software Quick Books, so I can get an idea how much is being spent on each property and the overall performance of each property.

I am looking at a property in Pearl River, NY that needs extensive rehab.

I also HIGHLY suggest that you have an idea of what your buyers will pay or a specific buyer in mind before you lock up a deal so you don't have the stress of trying to find a buyer later and risk pissing off your sell by not performing.

Good credit is important, but with only one year of history, it is hard to predict how he will perform long term.

I have purchased owner finance deals with higher percentages (7-10%), performed renovations and refinanced to a much lower rate after a few months.

I was initially more interested in appraisals, but the training/education is much more extensive and it's not something I can do as soon.

Landlords mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.This also leads them to ASSUME simpler is better when it comes to management contracts.