Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Id definitely allot yourself an extra couple weeks though for your calculations.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

I'm curious to know how you are calculating cash flow.

It may not be worth using an LLC on your first one.As for the calculations, just put the numbers in a spreadsheet and figure out which option costs you more.

And your calculation makes sense for a property that you plan to keep forever so to speak. 

To this day, I still use the BiggerPockets Calculator for everything from 2-4 unit properties all the way up to the 224-unit portfolio we're working on closing this February.

. ✌️ (and don’t forget to calculate short term capital gains tax - that’s why I prefer passive income over flipping)

A financial calculator and legal pad might work in the hands of someone who knows what they are doing, but that doesn't mean it's the best way to do it.

That's because the city won't calculate the actual amount till a structure is built, aka it's not just a plot of land anymore.This will obvious cause your property tax bill to go up and also your mortgage escrow account as well (sometimes these things can make your mortgage shoot up a few hundred a month).