Property Managers remove landlords from the day-to-day aspect of their properties, so communicating the onboarding process, rent ready process, leasing process, etc. clearly and accurately goes a long way towards client satisfaction. 

Another aspect is LLC, you will not get 15/30 year fix rates is under LLC, more likely variable.

I get this aspect. 

Certainly didn't have issues with my own tenants and didn't have to control every aspect of their lives.    

A couple things to add:Depending on the market, rents will most likely grow over time, so your numbers should get better after the first yearWhat about the qualitative aspects of the property?

Did he not add the materials and labor for each aspect of the project.

If you would like to DM me, I am happy to share the lending aspects to house hacking, and other details we talked about! 

And then there's the liability aspect.

Obviously, that aspect of the lease will change. 

When looking at doing a subject to deal, make sure to understand all aspects of the loan agreement so you don’t get caught up in something you don’t want to take on.