The market has plenty of older properties that need renovation, a favorable refi environment, and is generally landlord friendly.That said, it's not all upside Cleveland has slower appreciation, harsh winters, and older homes that often require significant repairs.I sold over 50 value add deals last year and I can say that if you have even a "good" GC crew (doesn't have to superstars) you can raise and repeat this process all throughout the Westside and parts of East.

This 2 to 1 ratio is required because 1) they are work and my time deserves to be highly compensated. 2) big rehabs have some risk.

When you finance through national lenders, in your experience, is a balloon a common requirement for commercial loans of this nature or is it possible to get a fixed rate for 30 years?  

Alternatively, platforms like Twilio provide excellent customization but might require more technical setup for Podio.

We have a single HVAC system that heats/cools the entire home.

There are a lot of lenders, which a lot of programs, that have a lot of different requirements.  

Quote from @Marlena Hawkins: Does anyone know what insurance (liability, E&O etc.) is required for Property Management companies in DC and Maryland? 

Your ability to qualify depends on income, credit, and lender requirements, but leveraging your equity makes your request more feasible.

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.

Do not expect to keep them and be prepared to have to evict.If the jurisdiction this property is in requires anything in place in order to evict such as rental licenses, etc., get them in place before discussing an increase with the tenant because it's much easier to get inspections and repairs done when the tenant cooperates.