In my limited exposure to using PMs in Memphis (I self-manage), most had a scale of upcharge depending on the cost of the service. 

You can get a 3/2 on the MLS that can fetch .8% of MV per month, should net $100-300/mo depending on PM situation.

If you live in California, the FTB still wants its $800 per LLC, no matter where your properties are.Question B:When it comes to setting up an LLC, here are three common approaches:1.DIY Approach:In most states, you can set up an LLC yourself for less than $100 in filing fees, depending on the state.

This protects you if you have to fire them.2) Pest treatments would depend on the location.

LOC's can have negative effects on your future purchasing power if not set up correctly and keeping in mind you can "never" use an LOC as a reserve or asset.It will always be a debt burden and can over inflate your back end debt ratios depending on the W2 income and your liabilities.

House hacking cash flow increases depending on how little space you can live in for a year (or more).I can't speak to Minneapolis inventory directly, but multi inventory is low in a lot of places.

Depending on the cash flow for the property, you are looking at up to 75% of the appraised value. 

You could look at NLV or Henderson depending on where you’re going to school.

If you're a lender, I might have some borrowers for you depending on your U/W requirements.

If I would have known about these earlier I would have bought less personal real estate, but again it depends on your goals of leverage, building wealth, risk, and your overall perception on how to handle your money.