On an annual basis, the administration is mostly meeting minutes, resolutions, and annual filing of your 990, most of which can be outsourced depending on your budget.

If you are thinking out of state, it really depends.

And this does not include the real world issues, namely are you even allowed to convert this property to a four-unit and taking a single family to 4 unit is very likely going to cost more than $110k (but this depends on the actual layout and work scope).

HI @Zachary Sakena putting property into LLC in my opinion depends on that strategy you are looking to implement for next property and if you want to leverage property moving out of into LLC.  

But I guess it just depends on what you're doing and what you need.

However, I suppose it depends on your situation.I know some people who borrow from their 401k or use an IRA to pull from.

Common utilities paid by the landlord will be similar if not the same; standard services (extermination, changing filters, snow removal, fire safety inspections etc.) will cost the same.Expenses will vary depending on the market.

And if you only talking $1-200k it is not a massive initial reduction depending on their basis.

That number varies by state.Virginia - 4Maryland - 5DC - 6

You'll most likely find your staffing costs to be in the neighborhood of $1,200 to $1,900 per unit per year, depending on property size, class, and market.