The wife was the partner and the husband was going to serve as property manager/maintenance guy.

I would recommend you make sure the company you guys choose for PM track all the maintenance costs that you guys spend money on 

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

We have a handful of properties in TN and MS, mostly older homes and maintenance is starting to dig into our profits. 

@Rahul Sivaswamy if you use the BP Rental Calculator, it defaults to 5% Vacancy, 10% PM, 10% Maintenance, etc.These are all pretty good estimates, except the Vacancy factor of 5%.

I feel it's a bit unfair and frankly I am not going to charge the tenant anymore than what the place is worth market rate because of its location and he is a great tenant (pays on time, keeps the place clean, communicative etc) I feel like i should even give him a break because he said he couldn't even be home since there was construction all summer due to building maintenance repairs. 

Trusts based in Nevis, Lichtenstein corporation/trust hybrids, multi country inter connected entities, generation skipping trusts, outside trustees, “protectors”, etc add up not only to a large initial outlay, but large annual charges.  

Then if you want you can gift that back to her using annual gift limits. 

Ask questions about how they operate, and include your specific questions about deposits, in-house maintenance, etc.I think you'll discover that you got lucky and found a professional company the first try.

My financial models are showing a roughly $250k net profit, so a 10% annualized return.