This approximately gave us 250K to buy a passive purchase all cash and not have to worry about the interest payments, giving us the option of cash out refinancing or keeping our powder dry for other future acquisitions.I most interesting thing about this decision though is it has change the mindset of my previous investment strategy.

Oh and btw, most of the investors here rely heavily on banks so right now, the competition has dried up.

My property manager recommended 4x mowing in the summer (not sure if that's excessive) which comes out to $120/mo

Really explore financing options as they aren't as cut and dry as residential financing.

And also what % you guys feel is tipping into excess where it will possibly inhibit other long-term investing goals of buying other properties, etc.  

Dry cleaning chemicals and tires are very bad environmental hazards so a study needs to be done to see what were the former uses of the property.

In the meantime, it’s 8% preferred return (cumulative) and 75/25 split (75 to investors) on any excess rental income.

Currently I run an online business, and part of the reason for the desire to get involved with a rental property is that I see rental properties as a smarter and more stable long term investment as compared to an online business that can dry up in a few years time.Currently I live in a very low income city on the east coast.

This way you don't get nickle and dimed by the contractor and bleed dry of your working capital before a single shovel has broken ground. 

I had a French Drain installed, basement became completely dry.