It meant more frequent turn overs (cycling tenants every 2-ish years versus 4-5 in my nicer properties), which came with turnover costs.  

They offer interest-only loans, don't charge for appraisals unless the deal actually closes, and have great customer service (they actually close on time unlike some of the lenders my clients have chosen against my advice over the years who ask for my time for underwriting the day before closing).

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

What are they charging $500 a month for if it isn't rented?

You can often charge a higher rate and/or deposit.

In my state there were lawyers who did not specialize in 1031s and they wanted to charge me $3000!

My state is relatively inexpensive in these matters and charges $102 annually for an “Annual Report” which is nothing more than paying to verify your contact information annually.

We're doing this and cut our $2400 rent down to ~$1400 doing an Airbnb on our spare room and this is charging roughly $60 a night.Also, cut off expenses that aren't adding value to what you NEED.

How much do the PM's usually charge?

I know alot of people are charging 30-40 bucks a month around here and that covers the supplies to do the furnace and fridge filter but its still on the tenant to actually do the labor part.