Multiple offers are now the exception, not the norm.

Usually, zoning regulations is for a certain area, and exceptions to it are only allowed after a zoning board meeting, and in my area, neighbors within 400 feet are invited.

And none of my personal money ever went into the purchases except for the first one with 3% VA loan.  

Except the house.  

I also got these numbers from my realtor & ran them by a real estate investing group (a very expensive one) that I was a member of and got great feedback from almost everyone except one person thought the appraisal was inflated. 

You upgrading the property, thus increasing the value which in turn could push out the current tenants, contributes to the vitality of that free market, a market that gives the tenants alternative options. 

Purchasing a property with "next to nothing" out of pocket means you would need to find an exceptional deal. 

Worst case you might need to ask for an exception, but I think as long as you are up front about it you should be in good shape. 

You can get more exceptions (if you know how to present a deal) 2.

This will also help when you file 1099s to report the proper amount to the IRS and send a correct 1099 to the PM for their PM Fees and possibly any Advertising or Repairs they may have doneFor the mortgage you will split it like you have it except the Mortgage will split to include the Principal amount to the Liability and the Interest expense.