Your project manager should know plenty of guys- delegate this to them3.

It’s true that many property management companies are now incorporating tenant benefit packages as part of their offerings.

A second problem related to “over leverage” is a lack of contingency funds.  

Try interviewing at least three managers.1.

How do I protect myself in this situation, while also helping a relative? 

It’s still relatively affordable compared to bigger cities, has strong rental demand, and no state income tax, which is always a plus.

It’s definitely worth exploring if you’re looking for a robust management tool.

While that may be good for the 10% pref investors, you may have been better off holding another year and getting another 7%.Related to this, I generally don't like preferred returns as a passive investor. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Depending on the loan product, you may be able to exclude business debt once the business has paid the debt directly for 12 months.The income and losses related to the operation of the entity will affect the income side of your DTI (like Jay explained) if you own 25% or more of the entity.