@Jason Dubon I use a percentage of the rental income to prepare for expenses.

Now investors, especially the newbies, are chasing returns by going after higher risk investments - many NOT really understanding the true risks.Many more investors will be losing money and choosing to liquidate real estate - which will be buying opportunities for the better prepared investors.

- The management company keeps track of finances and offers reports to the owners that are prepared for their accountants for tax filing.- The owner has full ownership and control of the property and can make all decisions such as when to sell, or may decide to operate the property according to their own wishes even if those wishes are against the recommendations of the property management company.

Just be sure to be prepared to get legal advice if you run into grey areas that you are not well versed in to avoid legal implications.

I've seen folks charge as high as $5,000 to $10,000 for tax planning and tax preparation, But i also know high quality folks that have fees are around $1,200 to 2k.

In the meantime, the funds have been reducing or suspending distributions to pay for value-add, cover increased costs, and to prepare for any required refinancing.So it will be a balancing act of dealing with the increased costs, managing refinancing, continuing to add value while waiting for valuations to rise significantly (partly from value-add, partly from lowered interest rates) before exiting.Disclaimer -- not advice, just some perspective on what's happening.  

Who knows, but should prepare either way. 

She prepares all the numbers for me to review and then we discuss issues within the business, create an action plan around them and wrap up.

Also, if it's Lennar, be prepared for problems, insulation issues and therefore paper thin walls. 

House hacking is a fantastic way to start, but preparation is key.