Hey @Brendan Lim, what is your projected 5-year IRR (or Equity Multiple) on this investment? 

Using an unexpected repair as justification for not caring about cashflow as much as appreciation doesn't really address the issue, especially when appreciation also operates on the idea that the property's condition doesn't decline relative to comps.From what I understand about REI and cashflow, cashflow should cover not only PITI, but maintenance, repair reserves, prop management, etc.

I also recommend you start looking for a professional property manager, at least until you educate yourself enough to run this solo.

There's also huge development projects, many spearheaded by Dan Gilbert's Bedrock investment company. 

I think it would be beneficial to set up your own management company to manage your assets.

My partner and I have a couple units we manage as well in Washington DC.

You'll never convince a tenant that they are getting a good deal, especially as a self manager, no point in even engaging in those conversations. 

@Melissa Sejour a good property manager will give you a lot of information that you care about.

You likely don't have the net worth, proper LLC management or proper separation of personal interests to make this an effective approach. there numerous BP threads you can search to get more insights. tldr - keep under personal name and get a good umbrella plan. 

Great place to meet other investors, agents, property managers, and contractors.