Weigh the risks compared to the benefits:Learn to avoid common, simple mistakes and the penalties to which they can lead, some of which can be severe.Learn to protect your possessions and assets from lawsuits and liabilities.Learn to select the investing strategy appropriate to a property - even if the only appropriate strategy is to move on to the next property - rather than limiting your property choices to those suitable for the strategy(-ies) you know.Learn how to make your real estate investing a business which runs without you, even when you're sick or taking a well-earned vacation.Learn to make your real estate business profitable and how to keep more of your earnings rather than lose them to taxes thru missed deductions and other financial missteps.Learn how to turn your real estate business into an inheritable legacy for your loved ones.Real Estate Investing Education isn't just about doing deals.

However I do take that Reciept and label it for the appropriate property and save it...if its all in my personal name and finances it should really matter correct?

If hiring a PM should not be appropriate for you, I suggest you at least speak with a local attorney about any unfulfilled promises you have made to the tenants to date - you don’t want them dragging you into any litigation just because they could.

I am curious what an appropriate profit split would be for myself and an investor?

While dogs are the most common type of assistance animal, other animals can also be assistance animals.”Also, I'd talk to an attorney because as you can see in this story: https://www.justice.gov/opa/pr/justice-department-... things can go poorly if you lose a lawsuit due to charging pet rent for an assistance animal (this includes emotional support animals).I'd look into your local regulations too.

In addition, the IRS will provide audit protection to eligible businesses by not challenging the use of the $2,500 threshold for tax years ending before January 1, 2016 if the taxpayer otherwise satisfies the requirements of Treasury Regulation § 1.263(a)-1(f)(1)(ii).What is the de minimis safe harbor election?

Competent property management in an appropriate market is the key ingredient.I am now expanding into other sectors as well but my bread and butter is my package of SFR's.I would be happy to discuss with you if you would like to get on a call at some point.Good luck

Unfortunately under our landlord tenant regulations in Ontario we can not control much of our tenants activities through the use of our lease.

Chicago is starting to crack down on AirBnB in general so keep your eye on the regulation changes. 

I'm not sure about a mandatory 2 years for rentals.Also, all lenders differ in what they do in-house and may be quoting incorrectly for Fred and Fan.What your 2nd lender said seems more appropriate to what I have experienced.