You can expect to get 8-10% CAP RATE here for a brand new property if purchased cash.When you purchase the property cash, please get BRAND NEW construction, with warranty and do not buy anything with HOA.

Quote from @Scott E.: Goal: Don't go bankrupt.Joking, kind of.

But one of them is a brand new construction. 

It’s brand new!

Quote from @Victoria E.: I have a tenant who has moved out and  i now have a judgement against. 

Let's rope that pony out of the herd And set a brand on him all by himself, exclusive of the other issues.

Of course I don’t really know if the prices or market are good because I’m brand new to this. 

There are several large brand new affordable housing buildings being finished less than a mile away, that will also pull potential renters from this property.I'm not sure where you pulled your numbers from, but I wouldn't be surprised to see that property rent for less than $3k/mo for the entire house. 

So, they will give same consideration to a property with a dated kitchen as a property with a brand new kitchen.

Annually, the Management LLC would "distribute" to the Property LLCs, but it would all flow thru to your 1040 Schedule E - unless you get partners, which would require a 1065 return with K-1 distributions to the partners.