Some owners expect their PMC to actually be a personal assistant:(How did you set expectations for this client when onboarding them?

Speaking of which.. what’s your plan if the property needs more updates than expected..would you hold it longer, or look for other creative ways to make it work? 

If you do, you should expect a very aggressive challenge by the IRS.At $350K of combined value it might be worth the cost to get a segregation study if you intend to keep these a long time.

@Walter PinedaEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Were revenues as high as you expected them to be?

Even if they couldnt offer the service to complete the form i would expect them to make me aware i needed to fill it out in the first 90 days as i am finding out now.

With experience, expect 15-20% on 5+ unit properties. 

-----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Expect any step needs to play well w/1031.

I’m not sure you can reasonably expect that you are going to recoup 70%-100% of the heat/AC costs.