And actually surprisingly Vectra Bank had a better rate than Westerra Credit Union -- prime + .5% (so 5.5%) vs. prime plus 2% (so 7%). 

. $20K is a large job, and I wouldn't be surprised if they added extra things to scare you into doing more business with them.     

But I understand where you're coming from given the surprises that come with home ownership.I did calculate my 20% capital gains tax into the expenses.

PMs can be expensive, if I were in your shoes I would work with one of you friends/relatives and try to strike a deal where they are the contact, take care of showing properties, and only call you when needing guidance for a decision.Kinda surprised that you found something in Rochester that was cheaper than a similar investment in Duluth... 

The last thing I want to do is be surprised by stuff. 

You might be surprised to find something better. 

All good after week 1 and no real surprises......always the most tenuous part when demo starts and what will be uncovered. 

That way if you close on the property no problem comes as a surprise.

You'll avoid last minute surprises if you appoint someone who doesn't have a financial interest in the transaction.

@Steve Osowicz --  I see that you're a commercial broker, so I'm assuming that you're not going to be surprised at anything I mention next: You've asked for help on U&O, but you've said nothing about market rents for any asset class, the trending ebb and flow of any asset classes in this area,  demographics, highest & best use,  what services are needed in the area, access to main highways, access to downtown/village/commercial areas, nearby services already present, or the ease or difficulty in re-zoning/ changing that property's use in this particular jurisdiction, zone, or overlay.We really can't help you much without any of that info.