Made the updates/repairs needed and has been performing great!

The flip side is that you cannot use a different property manager, even if you are dissatisfied with their property manager's performance.

We know of only one home warranty company in Las Vegas that performs well.The first year you have a property in service is when you will have the most repairs.

You may not want to give free labor forever, so will want to know how that property performs if you choose to hire out the work.When looking at 5+ units in multifamily, management fees should always be included in the NOI calculation. 

Properties don't perform good just because of the lack of management. 

If there isn't language allowing them to terminate the lease for a specific reason, then it doesn't exist, and they must perform for the length of the lease. 

When any repairs or work are done, I take the invoice and classify it in my book keeping software Quick Books, so I can get an idea how much is being spent on each property and the overall performance of each property.

I also HIGHLY suggest that you have an idea of what your buyers will pay or a specific buyer in mind before you lock up a deal so you don't have the stress of trying to find a buyer later and risk pissing off your sell by not performing.

Good credit is important, but with only one year of history, it is hard to predict how he will perform long term.

I have purchased owner finance deals with higher percentages (7-10%), performed renovations and refinanced to a much lower rate after a few months.