I just go in at the first of every month and code each line item to the corresponding property and note what the expense was for (Repair, HOA Fee, Mortgage payment, etc).

Walking through, I can see that owner is the type that spares little expense with his own properties. 

Also, I have learned in all things that are expensive that a good rule of thumb is go SLOW.

Is $107k your true net, or do you have any other expenses (mortgage, taxes, lodging taxes and fees, insurance, utilities, landscaping, WiFi, etc.)?

How do you think the 2 relatives will feel about having their rent raised or being required to pay rent period?

A land loan for 'raw' land will require a 50% down payment and high APR as you know.

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.

You prpobably don't care about Ohio, but their requirements might be instructive.You can only file January 1 through March 31.

I found them on line and wondering how was your experience if you ussed them.response would be appreciated If you have questions about to process or what is required please feel free to reach out.

Finding a property with the appropriate layout is challenging and expensive.