When we create our business plan, we also include our exit plan.We'll only proceed if we can clean this up, acquire new tenants at higher rents so we can increase our NOI, which in turn should reflect our cap rate and profits.Since this asset class is new to us we will tread cautiously.Scheduled to preview tomorrow. 

I want to eventually find my forever home and create a bigger real estate profile.

Can anyone recommend software which would accept monthly payments (from me to seller) and create proper 1099 forms for tax purposes at year end? 

The most important step to avoid a catastrophe is to create a detailed contract with your contractor.

I am creating a 5-7 year plan of action for my family.

Unfortunately for the owner he/she also didn't update the property in that same time period....cabinets, flooring, painting, landscape, etc resulting in a lower NOI.However, this creates a value add for the new buyer to update the property and raise the rents!

A few reasons I choose to bank with them:-Very easy to set up business bank accounts under my LLCs-Option to create virtual accounts under each LLC.

To have standardized increases would either take money out of your pocket or create turnover.

Create a bonus structure that gets those managers pumped to perform.

Check out FilePlace, where user-created forms are available for free.