Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Kinda both, in your terms it is what you paid for it, however you need to compare your current cap rate to what else is available on the market, if you're making 6% and 20% is easily available you might consider selling or making some changes.

You should get multiple quotes from multiple lenders - FHA AND conventional - so you can compare the total amount of cash you'd need at closing, your monthly payment, etc. 

It also lowers the amount of potential rents compared to a 2br or 3br condo.

When purchasing a turnkey rental, it is essential to do your own market analysis and know the general range of comparables in the area in which you’re buying.

Don't know how the area your in charges water but that can be much more over time compared to water heat.

Take the bed/ bath number and compare to Airbnb rates in the area of property in question.

Inventory in Austin dropped to an absolutely insane 0.9 months with a 29% decrease in active listings compared to the December prior.

Finally, a property manager who is responsible, reliable, and professional.Overall, the decision of who you work with is much more important compared to the township you choose to buy in.

I'd look at the blended rate of your 1st now with what you'd be looking at on the HELOC, and compare that to the cash-out refi rate on a 20Yr Fixed.