@Devon ShivesFrom my experience, If you're considering a cash-out refinance, negotiate for a smaller amount to keep the increase in your mortgage payment manageable.

I work on a ton of Padsplits in the Atlanta market and it is tough for a 4 bed co-living property to be much more profitable than a long term tenant factoring in additional utility expesnes, padsplit fees, and additional property management expenses.

If a dishwasher is 15 years old and the tenant destroys it, you can't really charge them much because the appliance is beyond the life expectancy.To learn how to determine charges for cleaning and repairs, you can read my book in my signature, Brandon Turner's Managing Rental Properties, or NOLO's Every Landlord's Legal Guide.

Jeremah - First off, congrats on what you and your wife have already built—it’s no small feat managing W-2 income, business income, and rental properties while thinking strategically about tax planning.

At that point my project manager (and partner) started pushing him. 

I’ve been a real estate investor since 2015, owning and managing multiple multifamily properties and running a short-term rental business in Cape Cod, the Lakes Region of NH, and the Berkshires.

Your property management company can help once you own the property but up until then you need someone good on your side!!! 

I should also note that the project would be ground up and the FHA loan would be a one-close construction to a permanent mortgage 

You can explore bedroom rental also as opposed to the entire unit with 1 party but that is more complicated for management.

Spending a ton on property management doesn't seem like the best move.