Also, if you ever have anyone looking to invest in TX, let me know, I will hook you up on the referral fee! 

Include expenses like utilities, HOA fees, and reserves

But look out, lower cost management companies make it back through add-on fees, so scrutinize that agreement carefully. 

As a general rule, each entity that files a separate tax return (partnership, s-corp, c-corp, etc) will need its own QBO subscription.

If you buy a property for $80K - you will need to put atleast 10% down towards the purchase price ($8K) PLUS closing costs such as lenders fees, title fees, and insurance and tax costs.

Any issues with fees, management, or decision-making?

If you want to be nice, don't charge a late fee for the rent as she pays it late over the coming weeks.

While you shouldn’t categorize all tenants and it’s the landlords responsibility to properly screen, the tenants who reside in better situated housing and pay higher rents are more financially responsible meaning lower rate of rent loss and will generally take better care of the property which combined will result in less time allocated towards management functions if self-performed or more favorable management fee structures if 3rd party management companies are utilized (which ties back to #1, as well).

- What are some hidden costs associated with purchasing unimproved land, such as property taxes, closing costs, or financing fees?

We have a fee for this in the lease but how do you cover for this in the lease ?