It's okay if you get it wrong...we all do.Question everything! 

Please contract me if I am wrong 

Anything goes wrong and that $29k depletes fast because itistoo smal, for this side effort - my rule on value adds is they must add value 2x minimum because they have risk and require work.  

Let me know if I'm looking at this all wrong or what you'd suggest. 

If you own multiple rental properties in the same LLC and, god forbid, something goes wrong with one or a few, the rest of the performing properties are put at risk since they are also owned by the same LLC.

If you’re doing everything correctly as it seems you should be fine and again there’s nothing wrong with adding the management LLC but don’t expect additional liability protection as a result.

But in my experience I've found that often people who come to me after doing their own had been doing it wrong, or missing out on some deductions.

I went and took the measurements and they are off by 1 ft to 2 ft and location of various rooms in the appraisal report is all wrong. 

Otherwise there's really nothing you can do since you can't get rid of the neighbor, and if the tenant isn't doing anything wrong you have to abide by the lease. 

So if you're looking to increase passive cashflow you're probably looking in the wrong place.