I closed on my first deal last week and am very excited to see how it all unfolds. 

I want to build a small SFH or STR  on it. 

You may want to see if each partner has enough passive loss carryforward to offset the gain.

I’m ready to go.

Since the yard is already rough, I would keep the shed and see how it works out.Consider adding something to the lease that permits you to remove it from the property if it becomes problematic.

Welcome to BP. 

When evaluating a property management company, it's important to look beyond just the management fee and consider the full scope of services and costs involved.For example, at our company, we charge a 10% monthly management fee, a $250 lease renewal fee (unless it’s a takeover tenant, which requires additional effort to establish a strong relationship - because usually people are changing pm companies for a reason), and the first month’s rent as a leasing fee.

I'm happy to share any information you are specifically looking for.

@Joe PaaschWelcome to Bigger Pockets.

Not to mention the buying process between the two.