@Rafael Valdor some advice when screening PMCs-----------------------------------------------------------------------------------------------------Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Im also a home owner here and doubled my money in just 9 mths..but NOT all properties and NOT all developers are the same so BEWARE.

You paid the property owner $40,000 in rent.  

They might refuse since you are not the owner.

The current owner bought it for $30K and I know they had to clean up a lot of title work and started doing repairs. 

And if you bought this property several years ago, then you probably already have a killer rate, so suggestions to refinance seem silly as you probably already have the lowest rate....especially if your refinance was completed as you were an owner occupant, and not categorized as an investor to a Lender.In terms of tax implications, again, it depends on what your ultimate goal is, but if you placed this into a trust, or even a beneficiary deed, it would pass through to a beneficiary who would not have to pay capital gains on it in order to sell it. 

I allow pets and charge a pet rent of $35 a month, its nice bit of extra money and pet owners tend to stay longer as tenants.

The #1 reason that landlords fail is due to failure to manage to the lease (Source: American Apartment Owners' Assn). 

The idea behind the expansion would be to make the property more profitable for two owners and to always have enough units for the owners’ to be able to enjoy the property without having to disrupt the rental business.

If it's zero, put in a zero, line through it, or something.If you don't use a manager, line through the entire clause and then you and the renter should initial the beginning and end of the line as proof it was agreed to.NHG  (D) As used in this Lease, Landlord’s “Authorized Management Agent” means ______________________________, address:___________________________,who is also authorized to act on behalf of Owner for the purpose of Service of Process and accepting Notices  NHGYes, you would check the line next to the form(s) of payment you accept.