To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

He took a 401(k) loan to fund the down payment on a four-unit building in a rapidly appreciating neighborhood.

After they asses what all needs replacing or what they feel needs replacing they'll submit to you what they're willing to cover and deductibles and payments etc. 

It 12 years, assuming you make no extra payments, you'll have a paid off condo that cash flows a lot better. 

Publication 15, Employer's Tax Guide, says only this much:...Payments for the services of a child under age 18 who works for their parent in a trade or business aren't subject to social security andMedicare taxes...No definition, and IRS publications are not really law anyway.

Last year, on my 9 properties I had negative cash flow after accounting for mortgage payments, etc.

I started by saving up for a down payment which was 5% for the first "second home" property in 2004, then 10% on the next few. 

Poor rental payment history is a common cause for non renewal. 

The issue is, I'm not sure if my income will be enough to cover 2x the monthly mortgage payment that most loans require.

At 7% you will have payments of about $4000 per month and at full occupancy rents of $6600 per month.