I'll be buying another distressed small multifamily property within 2 months, repair it over the winter and have it leased this coming spring/summer.I went to the University of Minnesota and received a degree in Construction Management knowing that I wanted to get into real estate investing.

We can't even get in touch with the board because they receive only mail, and it has to go through the management company first, and this company is horrible.

Here is the response.That's an estimate and it's definitely high, but it will be more than usual because it's investment so there are additional things that the appraiser has to do.

What are some of the more tech savvy methods to receive rent payments? 

I ended up paying the HOA fees with the additional costs of the collections company - totalled at $6700 (the fees themselves would have been $4000) A couple of years ago they lease the condo to couple due to the wife's high credit rating.

I found a 2/1 that I would like to renovate and add an addition on it to make it into a duplex.

I just received the financials and books, so I will definitely be taking a close look at those.

First, that investor telling you of a minimum IRR doesn't have a clue, IRR is rather irrelevant especially to predict, no one really knows what the IRR will be until the future.If you're going to look at the IRR, that 5K isn't your total investment, it's an additional 5K you put in to restructure your financing. 

(eg: If payment is not received by the 10th we the tenant will be processed for eviction"). 

Just make sure you screen tenants properly, and they will be a welcome addition to the neighborhood.