Adding a 5-10 unit will increase your expense exposure initially until you raise rents to cover costs. 

-One of the cheaper options I have found is TaxAct Business ($140 + states), and TurboTax Small Business ($739 + states).The issue I am potentially running into, and I am not sure if the online software's mentioned above can handle (they won't tell me unless I pay for advice), is figuring out how to make sure the losses/initial capital contributions are reflected on my K-1 and not my business partner, since I made 100% of the contribution.

$60k initial estimate, 71k final costs.

I already have Smart locks installed, so I just really need help with finding good tenants and the initial screening/leasing process and responding to emergency calls/work orders.Thanks

Although I'm not based in NJ, I would still recommend getting the initial paperwork going. 

Just curious, do you charge an upfront fee for an initial client consultation? 

To put it in perspective, we initially had the property under contract for around $145,000 and planned to assign it for $35,000.

Hi Elizabeth, BiggerPockets has a Featured Property Management Finder, which can be a good way for you to find some local experts to initiate conversations with.

Initially I was worried about having older guests more frequently which is what I have heard about VRBO.

We are very thankful this happened as this initiated our love for real estate.