talk to the dept of health first (records requirements etc), establish what upgrades/maintenance required, line up a reliable repair/handyman/type person, consult lawyer, and then make your offer, see if you can buy the land it's on via lot line adjustment (ideal scenario). a lot to be aware of, such as system upgrades or county code changes bringing in the requirement to add metered connections to an older small system, for just one example.Otherwise- owner doesn't want to manage, I doubt you really do either but could be wrong. 

If you find one who has rental properties and has first hand experience that can be VERY helpful.The conflict of interest is a common question, but really a non-issue if you consider the size of the market and how many properties an agent can buy.My team and I work with a lot of investors and yes I personally buy a handful of properties every year, but there are about 30,000 transactions every year in Milwaukee.

Just recognize that you will have lower payments but that money will be illiquid so your personal financials also come into play

I had to go to zoning and spend thousands to get it legalized.Your situation seems as if it is zoned as a single family home, and it was split into 2 apartments with no building permits.He's selling the property because he has the wrong zoning, and is finding a bank or an investor who over looks the problems that will arise once they close.With the way things are with insurance, I wouldn't be surprised if your insurance company will not insure for two unitsgood luckGino

You have no control over your own property if you allow a new property management company to choose your first tenant when you only have one property.Know the costs of every call, handyman, etc in advance.

I personally invest in both markets myself. 

But with the array of services and fee structures current property management companies offer, it is entirely possible to pay an extremely low management fee and still be “fee-ed” to death as both an investor—and now even as a resident.Over the past 15 years, the amount of managers and fee structure variance in our industry has been incredible.

but it takes time and effort - like going to the market IN PERSON, and setting up a team IN PERSON. 

But since that is the choice you have made: I don't know what it is like in Pueblo; but in Mesa County where I live there is a person on staff that walks you through the process and the necessary paperwork that needs to be filed (they don't fill it out for you - just provide the steps).

Anyway, shadow that person as much and as often as you can so that you can learn the ins-and-outs on how to be successful.