I have made enquiries with a property management company in Tampa and they have sent me details of their charges and a copy of the agreement.I am only a small investor with 1 property currently and I have a few issues with the rental agreement (I've not committed to this or signed anything) as it seems that the agent (PM) is not responsible for non payment by the tenant, even though they charge for screening the tenant prior to contracting with them.

Is this a REO, or individual, prior to foreclosure?  

Thank you all for your responses and insight!

One individual wants to become that third partner but doesn't have the funds to do the buy out.  

Thanks in advance for your responses!

Then it is the responsibility of the seller to take care of it.

If they own several they are obviously investors.Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash and get it under contract.

I look forward to connecting with like minded individuals to achieve something greater than ourselves!

The 3 bedroom apartments will rent for about 950- 1300 a month and the 2 bedroom around 800-900, utilities are split, I would be responsible for water.

It will be a great opportunity for you to meet other like-minded individuals.