The software allows me to generate custom reports on my rental income, expenses, and overall performance.

I can only see the benefit of forming a self performing property management company if you believe you can be more effective on cost and service than the local 3rd property operators and even cost can be tricky to calculate because most focus on the management fee that's charged rather than the cost to put out fires when they do arise.

If you're a 5% owner for only part of the tax year, then only the services performed during that period count toward qualifying.Also, it's important to note that the Tax Court has held that merely being on calls doesn't meet the 750-hour requirement.

Since you are from WA, I am wondering if you know how that market perform. 

@Jason Kahan To perform a 1031 exchange, the ownership structure is crucial.

Key features include:- Automated rent collection, late fee processing, and lease renewal reminders- Marketing your units across multiple sites (zillow, apartments.com, etc.)- Integrated compliance module for local ordinances and regulations- Customizable reporting and analytics dashboards- User-friendly interface for landlords and tenantsMy goal is to empower landlords with efficient, cost-effective tools to manage their properties, minimize risks by being updated with all the regulations in their markets, and maximize returns.

At the end of the day vet these lead gen sites/companies on a short-term basis, then flip to something else if the leads are not working while having the right expectations.

If you are going to purchase materials as a cost saving mechanism, remember the project will perform best if both the owner and GC turn a profit.

You can search your local area to establish comps through visiting various short term vacations sites (Verbo and Airbnb).  

Proof of Services.Be prepared to provide proof of the services performed and hours worked, especially if the IRS requests this information during an audit.6.