I would say today 40-50% of your income goes towards normal operating expenses. 50% if you want to include replacement reserves which you should.

Good stuff to think about, thank you Sebastian.It's cool to see extra replies from time to time on this post as I continue with the ideas.It's interesting, I looked into different DSTs and had conversations but just didn't feel comfortable with what I felt was a lack of control or ability to really know the operators and properties.I also kept running the numbers and just couldn't make 1031s into other properties make sense with the new interest rates compared to what I have now. 

Is it not true that when you lease your property to an LLC and have the LLC manage tenants, you create a legal barrier between yourself and the property’s operations.

You can use old cars, appliances, mannequins, furniture, etc.  

They could take the appliances with them.

A boiler building will operate less profitably than a furnace building.

@William Coet it’s a different business model altogether.I love highly desirable areas that attract highly skilled high income college educated workforces.They tend to be more liberal and therefore the landlord tenant laws.The percent of their income that goes to rent is typically much less than 20% so a rental increase of 5-10% is nothing to them.They are typically lower cap rate areas and therefore every dollar of net operating income that is earned is explosive to the underlying asset value.

Hey @Clint Kelly, I was going to recommend something like BuilderTrend but from what you've said, QuickBooks Online (QBO_ does exactly what you need.The key here is you need an REI-savvy bookkeeping professional since you stated your current bookkeeper is dropping the ball.What you want is super easy to accomplish for a flipping company using QBO.We have Clients who flip close to 100 properties/year and everything is super organized for each property using QBO.It's the operator, not the software in this case.Hope that helps!

Currently I’m operating it as a STR, but I need a new cleaner and the quotes I’m getting are in some cases double my nightly rate, and the amount it grosses is only slightly more than what it will do as a LTR.

Do you know how to mitigate if someone comes in and steals your appliances or HVAC?