Correct - Track all your income and expenses.The bookkeeping will determine whether you are profitable or not.it will also be good to compare from year to year your income / expenses to see what expenses you can potentially try to limit.I.E.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

With some more math, you’ll see that the extra amount in dollars is not that much compared to the total amount of interest paid.

How does it compare to other options available to you?

However, comparing the rent of the investment property to your primary residence mortgage isn’t the best measure.

@Landon Sheveland People do fix and flips while living into the property to classify the property as primary residence and not pay any capital gain taxes. if that is your intention, don't use LLC to establish this as your LLC.If your goal is different compared to what I said above, you can use LLC.

No matter what you do I think you are going to have guests point out that something isn’t working which could lead to annoyance or requests for refunds or bad reviews.Plus, providing bottled water over the long term probably isn’t going to save you much money compared to paying a plumber to get the fridge connected. 

They might be fine managing new construction, but I have seem MANY investors almost tank from their fee schedule on managing older homes...i would compare it to almost predatory practice.

Leverage magnifies return. 3) The effort involved in adding an ADU is comparable or larger than a rehab associated with a BRRRR.