Because of its desired location, I expect to have little to no vacancy issue (in my numbers I did add 5% vacancy factor just in case).

Because of its desired location, I expect to have little to no vacancy issue (in my numbers I did add 5% vacancy factor just in case).

Ah, and then I must look at the larger picture.The month to month rentals need to sign a 6 month lease. 6 months is enough time for you to know if you wish to keep them, and it keeps cash flowing while you recover from this deal, and prepare for the next.I would have a sit-down with the tenants to explain that you purchased the property as an investment, and desire a profit.You have a lease with you, and a notice to vacate at the end of the month.

Properties in her desired areas are too high for her to purchase on her own. 

At this rate, you would need to put down 35-40% to break even in terms of monthly cashflow, with a slight cushion for some minor repairs and occasional vacancy.Another challenge is the acquisition cost: typically $200k per door, which could go up to $300-350k/door in desirable upper-middle-class areas.

I have no desires to learn how to be a landlord.

It's better to deal with a reputable larger firm vs. mom and pop shop to ensure they are doing everything on the up and up and someone isn't going to lay claim to your property in 3 months from now (like a divorced spouse...I've seen it happen)People's opinions are going to vary on the hard money. 

I found the corporate approach that these commercial firms operate within to be largely unappealing.

List price is just the seller's desire.

Let your interest and desire guide you.