This will be a relatively unknow factor when calculating returns.

The primary goal is to protect the owner’s investment, maintain property value, and ensure a steady cash flow.Why Property Management MattersMaximizing Income: One of the key goals of property management is to ensure that the property is generating the highest possible return on investment (ROI).

Also I'd say the first step before you get too far is sit down with a great loan officer and let them run your credit and look at your tax returns and assets and come up with the best gameplan for your situation. 

If he was to buy this location he would have to pay the extra $1mm making his return okay.  

How much of a return will your property generate?

Over all, a portfolio of DIVERSIFIED (as to residential areas) properties utilizing a buy and hold strategy should provide an adequate risk adjusted return without utilizing any other “opportunistic” strategies to “gig” the ROI.  

She returned that afternoon to pick up the last belongings she could fit in her car.After seven years at Cyprus Apartments, Swaw fell behind on the $1,430 a month rent, including fees, for the one-bedroom apartment she shared with her 19-year-old daughter, Ashley.

I know certain things like insurance, etc. can't be deducted.Are there are big missteps I should make sure I'm not making in my assumptions/landmines I shouldn't step on to make sure I can deduct these expenses and receive the right rebates in my tax returns at the end of the year?

If the rent covered those three and PITI (or other expenditures like Management), and gives you a profit/return you're okay with, done deal.

With inflation normalizing, the Fed is simply returning rates to a neutral level and they are guessing at the pace of cuts to get there (just like they guessed (wrongly) when keeping rates too low).