The properties I'm targeting are ~$50K.

Brandon's book on Rental Property Investing would be a good resource as well. 

@Jack Bobeck That resource is great!

If you are going to micromanage it (and there is nothing wrong with that, if it's your business model), then having a property manager do the work first is a waste of time, resources and money. 

The following is a site and has great resources,https://www.hud.gov/states/washington/renting/tenantrightsGood luck!

@Jorge De Jesus - I'd suggest contacting the AOPA  (https://www.aopa.org/about/contact-aopa)  Not sure who there could help but they are a great resource for private pilots.

The App 'Thumbtack' can be a great resource to see multiple bids and connect with a few contractor's around your area

.$310,000 ARV x 70 % = $217,000 (All-in Cost Target)- $76,950 Rehab estimate = $140,050- $6,000 Holding costs (my standard estimate) = $134,050- $7,800 Closing costs (Purchase & Refinance) = $126,250$126,250 is my MAO.  

Run your cash flow numbers over the next few years and see how long it takes you to hit 20% in equity (don't forget transaction costs), and there is your target date for the refinance.A 4-plex is considered a residential loan vs. a commercial loan for your 40-unit, which are structured very different and won't have as many low/no money down options.Sounds like a great opportunity! 

I’d love to hear how it’s gone for you and in your target area.