@Mike Gonzalez keep it simple, its gross rent less taxes , Ins, PM ( property management, 8% of gross rent ) 5% for misl, and any other expenses, snow, lawn , water etc, divided buy your PP.

So, you a natural legal person would be representing an artificial legal entity--the LLC.

Utilities, insurance, taxes, repairs and maintenance, advertising, mortgage, lawn upkeep?

I feel a lot of people that fall into buckets 2 & 3 would prefer an all-inclusive payment and have everything taken care of (lawn care, snow removal, utilities, etc.). 

Some of the cheaper homes may look good on paper, but in reality they can be more time consuming and have higher turn overs and costs.By increasing your down payment, you do lower your mortgage payments, but then the cash flow is artificial in a way as you put more money into it up front to make it that way vs lower down payment but no cash flow and you doing smaller amounts of money each month (or when repairs happen).Expensive areas can be a problem.

It is quite common for PMs to keep rents artificially low, so that they can then tack on a "booking fee" or "hot tub fee" of $100 to $200. 

Under so-called “luxury auto” rules, depreciation deductions are artificially “capped.”

Who usually pays for lawn care?

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Current management wanted to bill me $2k to take a tree out that was in a tree lawn and owned by the city.