As for the tenants, not having AC doesn't mean you have to eat out.

If it were me I would hold more value on your forplex then the renovation and get a house that fits your needs that may need updating over time which will get you a little sweat equity but not eat up all your time.

So it is a sort of chicken and egg thing.

So I hopped on BP and searched "lead propeller" thinking I would see DOZENS of threads - but I got a big fat goose egg. 

If your sale has closed then exchange proceeds can be use to purchase the new property in the entity set up by the QI called the EAT (exchange accommodating title holder). 

I was willing to "eat" all the other nickle and dime things on the property(old furnace, leaky windows, etc), but had I waved the inspection, I would of been screwed. 

At first, it would be for smaller commercial properties, but if the relationship grows well and we make a good team, I'd love to scale up with them.Ideally it's a win-win for all:For the PM:They get a large chunk of equityThey get more business.They get access to my investors' capital for potentially future dealsIn a way, they eat what they killFor me:I look favorable to the lender with an experienced PM team as a partnerI'll get a deal under my beltI'll be able to get help with the downpayment, reducing the burden on my investors and myselfFor my investorsSure, they lose out on some equity, but they'll get a (slightly) higher return due to the lower monthly management feeThey'll sleep easy knowing that the PM has skin in the game and is experiencedTo be clear, I'm playing the long game, so I'm more than willing to do say, a 55/30/15 split with the PM/Investors/Myself and with a 3-5% monthly management fee.

Hopefully, the HOA fees won't eat up all your cash flow.  

Your PITI (principal, interest, taxes, and insurance) are eating up 87% of your income every month. 

I desperately want to avoid them getting in if they haven't already taken up residence and laid eggs.