Sometimes they give you materials and labor at cost and charge a fee .

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

Purchase price: $65,000 Cash invested: $68,000 First single family rental property.

@Jack Wang, while these are real issues, and I, too, live in an area where a lot of the properties (single and multifamily) were built in the 1920s-1950s, I can also say I often find people make these out to be bigger issues in their minds than in reality.I do think it is smart to be aware of these things, but personally I don't view any as deal breakers.  

You'll be amazed at the differences in price that you can be charged for the same job.

I am also considering a live-in flip on a large single-family home, and possibly renting out some rooms during the renovation if I can find friends or tenants willing to put up with the renovation (I don't like the uncertainty of the cash flow in that scenario if I can't find tenants).

I'm looking to for a personal property for myself, I found a really cheap 1br co-op unit.. this is in New Jersey.. especially in the area wont find single family or townhomes, under 300kThe price of the co-op unit is around 130k, but co-op wants a cash purchase also the fees are $600 a month which are the taxes and HOA feesyou have to live there 1 year before you can rent the property out.. rent for this unit goes for $1600 a month my plans were to live there for 1 year and then rent it out. 

It's 3 bed room and 1 bath house of 900 sq foot, single floor, not a huge square footage. 

I did a 1031 exchange a couple years ago and traded a rental duplex into a single family home that we rented out near the beach.

Use my post as a single source of input.