Further, we need to account for a $10k “reserve” for what will be repairs / maintenance as the property ages.  

Great investor org in Grand Rapids, and they have their big annual event coming up in February.

$500,000 after taxes is likely close to $325,000(maybe more or maybe less).Assuming cash-flow from rentals is offset by depreciation, you would need $325,000 of annual cash-flow from the rentals.If you can get $200 / door / monthYou would need 135 doorsYou can work on this type of math to figure out how much rentals you need.Be mindful that rentals require some type of work.

This frees you to focus on higher-value tasks like growing your portfolio, owner communication, and big-picture strategy.2.Adopt a Portfolio Management Structure: Early on, I ran a departmental structure (separate teams for maintenance, leasing, collections, etc.), and it caused inefficiencies and communication breakdowns.

Specifically I now track month end account balances, maintenance expenses and have a detailed list at my fingertips of the tenants that are late on their rents.

Most of the homes come with a one or two year warranty so we set it up so that they can communicate with the builder directly to handle maintenance issues.- Taxes are usually much lower the first year. 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

A master lease to the organization structured with an annual escalation clause and a term limit - like up to 5 years - was a recommended way to get a contract. 

They had the new company (new property maintenance group in our area I understand) come out and pump it, but with all the melting snow etc it just refilled up (because the form takes 3 days for approval and you can have the electric on. 

No hidden fees.3) Proactive maintenance—Getting ahead of the problem is so important to save time and money for ourselves, the clients, and the residents.