EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

However, I would have to assume that he is paying market rent or close to it if his rent is around 1/2 the mortgage payment.

Does that have to be paid off at closing?

Considering general scenario 10% for property manager and 3% for realtor and manager say 5% or fixed fee the 1st investor cost is coming to 18% so adding 5-10% on basis of future deals and partnership I can think of 25% - 30 % would still be great deal for 2nd investor." 

Partner Driven financed the E Holland Ave deal using its own capital, covering the $175,000 purchase price and $40,800 in renovation costs.

Valpo is a great area to invest in, Munster is also great but Lake county seems to have higher costs.

You get the more reliable LTR revenue that could support the building costs and the STR revenue to boost profits.

If you decide to move into that unit once you close though, that's your business.

I am retired and working on career #2 and 2 of 3 of our kids have left for college - our oldest is headed to UConn for her PhD (6 years) and instead of paying to rent, our thoughts are to do a version of a house hack with buying a house/condo and renting out one to two rooms to offset the costs of her rent.