I own a small (72 unit) multi family in OKC and have seen vacancies go up and we have had to start increasing specials and extra items to attract quality residents to fill unit. 

Any notes on NOT to do items would be helpful. 

I would recommend taking a  look at some of my previous posts which emphasize the action items you as a rental property owner should be implementing that have a far greater impact on asset protection than merely forming an LLC.

But, excel is totally fine in the beginning (in addition to your PM software to capture transactions outside of the properties).We use QuickBooks Online exclusively for all of our REI Clients.

You may have dodged a bullet if you really forgot to check and verify all the items.

Some have juiced that up too with all kind of party rental items. 

I was thinking I would create a course that involves a field trip to one of the flips I am working and pointing out all of the things they should catch and helping them understand rehab costs at a line item level.I am an expert in electrical and learned plumbing in the Coast Guard.

But being that they may see the insurance change it might pique their interest in that change … you can always ask them - most banks will gladly advise you of their policies regarding such items 4 plexes are attractive acquisitions… I’m not sure I would bump it to five if it were me.All the best!

I'll report back what I find out from two local commercial lendersWhat did your local commercial lenders say about this item?

I opted to have most items delivered — which the contractors appreciated.