This is obviously much better than $1,400 per month.On top of that, you will now get 2x the depreciation write-off so your taxes should go down.On top of that, you will now get 2x the appreciation when real estate price go up.On top of that, your tenants are helping you pay down the loan, initially at about $100/mo for both properties, which gradually gets better and better.On top of that, you now have more units so if one or two goes vacant, you have more renters covering the losses of the vacant units.If you want to keep these properties, I would do a cash-out refi and go buy more rental real estate.

What’s your communication style and preferred level of involvement with this deal?

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

I would make sure to have all leases in writing to protect yourself regardless of who you are renting to

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

Most listings have 2.5-3% allocated to the buyers agent already written into the listing agreement but you could write into the offer something lower, adjust the offer price lower accordingly and then pay your agent directly instead. 

You start with a purchase and sale agreement and reduce everything to writing.

Cowboy style.

You may be required to honor these kinds of implied agreements even without them in writing.

I use a spreadsheet I developed to determine my entry costs, carrying costs, cash flow, tax write offs, appreciation and exit costs.