Establishing vendor relationships is KEY.

I think it would be in the best interest of newbies to establish an account with BofA or other large institutions because they are so resilient and offer great products.On two occasions last year, I wanted to pool funds to one account in order to send just one wire transfer to avoid confusion to the recipient.

Is this a portfolio in an already established market with existing barriers that needs enhanced management/ rent increases as units turnover? 

In California, we have bogus ESA law (AB468) that establishes minimum criteria for patient medical provider relationship and poses harsh punishments to medical providers that provide bogus ESA authorizations.  

Money Mustache (Pete Adeney) is headquartered here in Longmont (across main from Longs Peak Pub) and there is a well-established FI community here. 

As @Stuart Udis said Point Breeze will being you the best tenants but it's an established market already so the appreciation is going to be minimal.

• Establish company specifically for rental management.• Over the course of the year new company will be paid $5k for services from rental income.• Schedule C shows $5k (and payments are shown as expense on rental side.)• 15.9% of $5k paid for Self Employment (apx. $800.00)   (note this would be less than ordinary income paid otherwise, plus 50% of SE tax is a deduction.)• $4,200 contributed to solo traditional 401, then converted to Roth. 

I concur with everyone, best to check for medical emergency first in this case, after that's been established as NOT the case, definitely time to get yourself into the mix and remove that manager asap. 

@Shawn ChervinskisSee Section 408(b)(2) of ERISA for more information on this exemption.The office space or services are necessary for the establishment or operation of the plan;The contract or arrangement under which the office space or services are furnished is reasonable; andNo more than reasonbale compensation is paid for the office space or services.Regulations issued by the Department clarify the terms “necessary service” (29 CFR 2550.408b-2(b)),”reasonable contract or arrangement” (29 CFR 2550.408b-2(c)) and “reasonable compensation” (29 CFR 2550.408b-2(d) and 2550.408c-2) as used in section 408(b)(2).

Establishing the core 4 is what everyone says, and it is important to have boots on the ground near your properties to check in on things when needed.