I'd be interested to know how the gift of a rental property is handled. 

We are a start-up business and still learing to handle things.

They do have some restrictions like using a certified contractor and sometimes needing a “renovation consultant” but the benefits still probably outweigh the costs especially if you already found out you can’t handle the renovation yourself.

They are also the dept that handles Helocs.  

But whether you buy from a "turnkey" company or off of the MLS with a property manager in line to handle things post close you need to make sure you do the proper due diligence on the property and the area you are buying in.

You will need to have (or add) - 2 or 3 - 20 Amp circuits to each unit to handle the new load.

We handle lots of service calls for rentals, as well as do remodels and turnovers for units.

If your state licenses home inspectors (most, but not all, do) then they will also have a board that oversees them and handles complaints.

Would love to hear from someone a few steps ahead of me how you handled these challenges, but all advise is greatly appreciated!

I will be trying to hire a GC who specializes in this type of building to handle the whole project.