You're probably going to have to study the area further to really get a handle on what properties really sell for.

Daniel, thanks for sharing, have you had any bad situations like Tenants not paying etc and can you share how your PM handle the situations?

For example - simply physically handling the deposit check.

I have a lawyer handling, he expected the approval on closing, knew the board president, but did not receive it.

I use Falcon, but I believe they only handle commercial.

Any suggestions for how we can handle this?

Any suggestions for how we can handle this?

How much were the inspection red flags going to cost to fix and would you be able to create value by handling them?  

It's better to have a PM in place and ready for you to grow into needing one than to decide at a critical moment you've got more operational headaches than you can handle on your own.Having potentially a $180k cash position puts you in a very good place to start straight into a fourplex+ for doors. 

If your partner puts up money but you're the one handling the property management services, you should be paid for that service above and beyond the 80:20 split.