If any depreciation remains in the pool when I sell the property (say in 5 years), I get a step-up in tax basis by the amount of unclaimed depreciation2.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

She has rented her current place for a significant amount of time and would likely be a long term tenant with you too.

I suppose the amount of liability on the part of the PM would be clarified by the terms of your contract with them and you' might need to see a lawyer to sort that out.

It is very rare that anyone would need this amount of money to borrow, as once again nothing can be bought for 20k. 

I do not see how you will ever get a rent increase pay back in any reasonable amount of time doing any more than that on the outside.

Is it better to pay by the call, by the hour, of a flat amount?

@Matt Crusinberry okay so I decided to go with this method but I have a question is there a certain amount of mortgages or refinances you can do per year?

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

That said, your siding should be able to withstand virtually any amount of water.