We become our own bank (with a HELOC) and don’t have to stress over the initial monies to purchase and rehab a property.

Will the property need initial repairs upon purchase?

Since the beginning, there was not any conversation or update initiated by the PM and I always had to track him down after I noticed an issue.

I got it incidentally as I had to file their information to the HOA association.See my thread for few responses on a similar topic: https://www.biggerpockets.com/forums/52/topics/800534-anyone-go-from-using-a-prop-manager-to-self-manage-during-a-leaseWould like to listen to your experience... as I would probably initiate the firing and indulge in self-management in 1-2 months.

@Kurt Bouma holding a property In my Roth IRA initially valued at $150k until I  sold it 12 years later for $415k without any depreciation recapture tax, no capital gains tax, NO TAX, seems smart.

We don't really do too much financing for the initial buy as our cost for the property and rehab is much lower, but when our buyers purchase housing (either turnkey investors or local buyers) they can usually attain a loan without any issues with very little down.

We did not change the terms of the lease other than the length, and around 70-80% of tenants would leave after that initial term. 

*Note* you already recovered your initial  investment of $50,000.

The initial purchase will be with a standard loan with 20% downpayment. 

She did push back against him accepting the initial offer so perhaps she is afraid we will work out a deal?