When you say 'a good lending partner', what are you referring to? 

If you have a specialized need, say, a vacation rental that is located somewhere on the other side of the country and generates substantial annual rents, property management can be a useful and often valuable tool. 

I wouldn't say as frugal, cause it's more a combination of discipline, not caring, and enjoying what you have. 

Sounds like you got your answer, but I still want to chime in.I'd say a critical part of this question, for anyone asking it, is to know what 'bang for your buck' means for you (the person asking it). 

Even if you already own it free and clear, if you took that money to buy, say, a triplex instead, you'd end up having about $400k to spend (after factoring in your closing costs and whatnot) on the new property.If that would rent for even as high as ~$3,500/mo total, I don't think the extra $500 or so per month would be worth all of the hassle of going through two sales.

Your lease should say AS IS if its not broke don't fix it. 

I’d say a few things to watch out for would be current tenants and their payment history.

For those who got used to how things were, dare I say a bit lazy on things, yeah this would be a rather big disruption and I wouldn't like that either. 

I would say a GC is not necessary  - it's a little overkill if you are just doing basic updates. wherever you get the flooring ( and I have some referrals  for you)  - they can install it  - so no need to worry about that. 

Why do you say a massive loss when he sells.