If your managing your own properties that you have a clear ownership interest in .. no licesne requiredif your managing properties for your clients IE collecting rent.. negoatiating leases etc.. then yes you need a brokers license with a PM component.. and you would have to work for a broker for 2 years then sit for your principal broker exam pass that and the property manager component..does not matter resi or commercial.. reason is your handling lots of money for investors and or negotiating contracts state wants those folks to be licensed and accountable. 

If you determine the cost of each major component and divide by their expected lives and then add them all up, you’re likely going to get much more than $360 a year.

Most are short on training, and certainly experience, for the last two components.

I also have a 3 month emergency fund to cover any unexpected costs and will set aside 15% of the rental income for vacancy and maintenance costs.

That could turn into a bigger project then you might expect so make sure the numbers work even with a variance for unexpected costs.

I also handled all the paperwork including tax, insurance, etc.The condo was in fair shape, but many of its components were dated.

It is not an issue to borrow money to pay the loan, however, your mortgage broker may have an issue with you not have the necessary cash to cover any unexpected issues for a few months. 

You are going to need to have 20% down, plus closing costs, and you will want something in reserves, a few thousand for the unexpected such as a vacancy or unexpected repair. 

Hello BP Friends, Can anyone give me 2-3 recommendations of the best property management companies for Class C apartments  in dfw 50-100 units with a value add component..

The 1031 does let you use it.But there's an additional component that is also at the core of a 1031 investor's strategy - leverage.