You should ensure that they are not only operational, but in today's energy efficient world know how antiquated they are compared to other newer'ish buildings, and what the cost is to upgrade or replace these systems. 

Look into REI meetups in your area and go start networking.I have found almost no one that recommends trying to do anything, even wholesaling, without having enough money to operate their business.Best of luck and happy investing.

Performing energy efficiency retrofits of our properties is core to our operating principals, so we try to utilize these programs when available (even if the program is more show than substance).

Also, keep in mind that if the beauty salon is operating under a nonconforming use variance, once they leave, you might not be able to get another variance for another beauty salon tenant.

So naturally I'm coming back to ask you all for more advise: What are the strategies you employ to streamline your property management operations if you self-manage?

However, if that includes an operating agreement then I believe that $600 is an excellent price.  

I won't be fronting any of my money but will be operating and managing the property.

Hello to all.Life is too short to deal with bad servicers, bad lenders and companies that don't care.Servicing should be simple from the clients perspective...and it should offer the client a combination of great CS, confidence in their operations and a solid, interactive technology platform. 

The own/rent question generally hinges upon the cost of buying and selling, not the operations (monthly) expenses.

@Brandon Donahue, cap rate is the Net Operating Income (NOI) / Sales Price.