I figure we could rent it out to cover that expense, maybe make a few extra bucks on top each month and keep the house in the family that way.

He told me about LLPAs and presented me with a lot of option related to them.

Use a few extra tools to maximize profit with dynamic pricing and automatic emails.

Variables that might change that number would be size of house, number of beds, extra duties you want the team to do (like fetch supplies) and perhaps the drive to a remote area. 

Adding extra income streams, like charging for utilities or offering laundry services, can also help improve cash flow.

I'm not saying all PM's do this, but some do...What motivates you as a PM to go the extra mile for a property they are managing when they get a percent every month? 

You won't run into too many with the quality housing, but there might be a few good Sec 8 homes that you get a good deal on and you want to be prepared.Otherwise, pay special attention to the finishes you use as the quality of finishes can leverage an extra 10-20k in appraised value which can get you the financing/refi that you need.Happy to connect and help where I can!

What would be my best approach, I assume find a private lender and work out some deal with them.All questions and answers will help thank you. private lender would be one option - also can you get traditional financing from a bank? 

There are a few options.1.

Ultimately, the assigned appraiser was known for being extremely conservative, and the final valuation came in at $285,000, requiring an extra $10,000 out of pocket to close.After closing, I raised one tenant’s rent from $750 to $1,180, and they chose to stay.