He's very good at getting a cheap price and ensuring good work, but sometimes this comes at the expense of priority and reliability.

The only way to prevent that is to really screen your tenant to ensure they've been problem-free with previous Landlords while owning the cat and by conducting regular inspections to verify the tenant is cleaning the litter box regularly and preventing any odors.

@Brandon Davidson I would recommend you consult with a local real estate attorney to ensure your filings are done properly.

They have already been vetted to ensure the proper understanding of the 203k and that they have sufficient financials to start the project with no start up funds. 

I have ensured smoke alarms and carbon monoxide alarms are good.

I have ensured smoke alarms and carbon monoxide alarms are good.

I'm all about scale, but you need to stress test your situation and ensure you can handle a few bumps that inevitably will arise in this line of work. 

How would you ensure he gets his money back and then some while continuing to invest?

As a frame of reference, here's a rent-o-meter analysis of each unit type:1-bed = https://www.rentometer.com/analysis/1-bed/2411-s-shelby-st-louisville-kentucky-40217/fmnKYxxNACY2-bed = https://www.rentometer.com/analysis/2-bed/2411-s-shelby-st-louisville-kentucky-40217/owLPsrSO2IcTo be safe, I would always assume the median if not slightly below to ensure you're able to rent the units out quickly.

When I say you could 'potentially' save money, it all depends on what you're doing and what you do for income - a universal truth is that you're trading time for money with PM and remember it goes BOTH ways so if you're saving money by not using a PM (again, nothing wrong with that) expect to spend a lot more time on ensuring your rental is running property likewise, if you're hiring a PM expect to have a lot more time on your hands to pursue other investments and focus on making more $$$.