I don't include non paying Tenants because I like a small slice of positivity in my life and prefer to think I did our screening well enough that all our Tenants are paying.Cheers! 

That includes Clayton and his team at Morris Invest as much as it includes everyone here thinking about how rental real estate can help them meet their financial goals. 

The project will be a mix of 20-60% commercial space, and 40-80% residential units, including a 15,000 square foot expansion of the Old Town North Arts District.

Make sure utilities are available, and that you have tap fees included in your estimate, as well as engineering (site plan), architectural plan, and other bits you might need to consider for your market (landscaping and costs of sale, for example).

How can I best prepare for managing two rental properties, including handling maintenance, vacancies, and tenants?

For example, in Michigan those additional expenses would include revenue stamps owing for two closings. 

Quote from @Sean O'Keefe: Quote from @Tom Gorrell: We have 3 rentals in CA and one in Kentucky (total value about 2.5 M)some W2 incomesome pension incomesome syndication income and some from a business (s corp) Based on what you say, it feels like $3k - $4k but would need more info on how frequently you meet with CPA outside of Jan - Apr when you are filing and if this includes tax strategy. 

Closing costs, including recording fees, transfer taxes and HOA transfer fees, if any5. 

This property would have multiple income streams, including as an airbnb, wedding venue, bed and breakfast, corporate retreat. 

And for example there was a Crowd Street deal (Nightingle) where the sponsor omitted losses from their claimed track record (and ultimately was fraud...they never even bought the claimed property).And there appeared to be some difficulty or confusion with obtaining the full and complete track record ( including both realized and unrealized deals).