Below is a little background.I am looking to downsize my current home (FHA) and purchase two properties, one multifamily (My FHA) and another smaller property (apt/townhouse) with my partners FHA or 20% equity.

I've heard the number one claim against these policies is for water damage....to the unit BELOW the source of the water leak.

I selected this house for several reasons: priced below market value; good layout; good school district; desirable neighborhood where market-priced rentals do not stay on the market long; and, good appreciation potential.

The rate would be lower if it's local?

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I’m assuming you have to buy well below the market value.

Its occupied but its in below average conditions.

1) economic status is stable ... nothing too dramatic pending one way or the other 2) market in pierce county healthy ... more inventory than king ( Seattle )3) most of Tacoma’s suburbs seem much closer in proximity to the city as compared to Seattle ... there are a few areas that will be lower in price ( and not as desired ) 4) 

for pictures click image below from below where you are writing and drop a file in but there are limitations on size and type, I am not sure how you find those. 

When looking for a PM company in a market you want to invest in, I would look up NARPM and start with them..Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby.My business partner is a regional VP for NARPM and I am happy to help if you need anything please reach outQuestions to Ask prospective management companies What are your average days on market for vacant homes?