Once you start addressing mechanical and structural issues (which is what I do when I purchase a new rental), the costs easily escalate to $20-$30k and more.  

Hey Mitch,At your level of 8 units typical fees for property management run 8 to 10 percent of collected gross rents.If you can buy 50 units or more typically you can get a 5% management fee for volume.188 miles away is not going to work to run yourself.A key when buying is what is the condition of the complex as far as structure and mechanicals??

Not expected in my market and just another mechanical item to fail.

I will be managing the properties and can handle all but major mechanical repairs.Thank you for your opinions and advice.Sorry should have posted under deal analysis!

You can't make a firm offer until the due diligence is completed, inventory lists checked, condition of equipment assessed, mechanical assessments...etc.

Mortgage liens, property tax liens, liens from mechanics will usually be obvious. 

I started looking for a SFR and changed my mind to a Multi after researching the mechanics of a 203K.

Initialy instinctively with luck, then as I became more aware of the underlying mechanics, 4 market phases, it became strategic / intentional.Good comments Micheal!

There were several sessions with a lot of great ideas about marketing, business structuring, tax and estate planning, and some of the mechanics of performing different types of real estate transactions.

Thus, if the grantor's spouse had dower or curtesy rights to the real estate, but did not sign the deed, then the grantor may obtain a quitclaim deed to clear the title.Warranty Against EncumbrancesThe covenant against encumbrances is the only warranty that does not cover the title in some way, but guarantees that the only encumbrances to the land, such as mortgages, mechanics' liens, or easements, are those that are listed in the deed.