If so, do we need to put offer on the property to get the ball rolling or do we go to hard money lender beforehand to work out how much money we need?

That deal did not work out but the realtor that showed us the property is our current PM. 

Maybe you can give airbnb a try, and if that doesn't work out, flip it and make a nice profit (although you have to give portion of that profit to the seller if i understood your original post correctly, but if you benefit, why not).

I would talk to them and see if you could work out a deal to lower their management fee since you will be self-performing. 

Good luck and keep us posted on how things work out for you.

I get to earn a few extra bucks and I get paid to workout.

If so, how did it workout?

In order to minimize my risks as I am very new to this, I am trying to search for a mentor who can help me work out the steps, get my hands dirty and create a system that I can replicate.Any help that you guys provide will be really helpful as I am still trying to figure out how to start, who to meet and what questions to ask.I look forward to meeting you all~Leonel

I am fairly new (3 years) to the real estate world but I would love to meet everyone and see what we can work out with the contact we all have locally. 

If you want to accept them offer a M2M lease and if they work out keep them permanently on M2M.