The moment he had it in hand he had his guys perform the eviction. 

Your residential LO advice would be accurate if seeking a traditional Fannie/Freddie loan.

If you haven't already, I would create an accurate budget based on what the property will likely need during your intended hold period (such as roof, windows, siding, mechanicals, sewer line, driveway, appliances, plumbing repairs, kitchen and bath upgrades, etc).

I included a rough not not accurate number for principal paydown and did not include depreciation tax credit nor inflation, but I always use projections on the low side and my properties always exceed my projections and expectations.Send numbers for some of the properties you looked at even in the past and lets see if you made some mistakes by not buying some of them.

I am hoping they are accurate. 

Landlords mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.This also leads them to ASSUME simpler is better when it comes to management contracts.

@Vincent S.There are two credentials that most sophisticated tax professionals have.CPA(Certified Public Accountant) & EA(Enrolled Agent).CPA designation is the more prestigious of the two.There is no designation to indicate that he/she is a professional is 'real estate tax'.I would have a casual conversation with the purchases that you made and how the rental is performing. 

This method can work, but it can upset the agent and the seller if you can't perform. 

So cash outs are not a path to tax free profit.But a cash out on a strong performer that doesnt' hurt it's performance is a very strong move. 

It has made getting at the information I need to do income taxes, provide lenders when getting loans, and evaluating performance of each property SOOOOO much easier!