Hiring a bookkeeper to watch the income/expenses is like hiring a gardener to tell you how many roof shingles are laying on the ground after a wind storm instead of hiring a roofer to repair the roof.I recommend that you look for a quality property manager who can maintain the properties and help with the bookkeeping.Start by going to www.narpm.org to search their directory of managers.

I would avoid, suffered huge losses due to 6+ month vacancies between tenants and very expensive turn repairs (~4k after only 1 year).I will update this post if my experience changes for the better 

Over the last year I have built up a strong Home Repairs business (Eastern NC Home Repairs) that services New Bern, Greenville, Jacksonville, Morehead City, Kinston, and Havelock.

Massive dehumidifiers are filling with at least 3-4 gallons of water daily - we can't rent until a slew of multi thousand dollar repairs are completed.We were told that the dehumidifiers the sellers had in the house were only used during the spring when snowmelt was very bad.

We are paying $300k for the land and as a builder my costs are lower but let’s use retail so it’s safe. 900k build so a grand total of $1.2milIf you put 20% down and refinance in a year from now at 5.9 (realistic to me) that would be $24k net after taxes, 7% put for capex and repairs(it’s new), and insurance.

Accounting for approximately $10,000 of repairs, maintenance, and capital expenses per month, this still leaves a passive stream of about 20,000 to split between two partners.

The real problem comes in when the unexpected happens, like a roof repair, or a boiler replacement, on top of the negative cash flow.If it was me, I would try to save more, take out less debt, to help with cash flow.

And if the city inspector finds issues then who is responsible for the repairs? 

If it will, then you've got yourself a good $1000k +/- and don't forget to factor for repairs and vacancy, PM.

They should keep detailed records, including photos of damaged property, repair estimates, and receipts for items like cars and appliances.