Adam I bet dollars to donuts this is not CA property sounds like D class rust belt or mid west.Chicago etc.

Hey @Derek Bell,This sounds like a solid investment with good cash flow and upside potential!

things missing in your list (everyone manages differently, so take it with a grain of salt)Vacancy rateTurn overbad debt legal fees (evictions as needed)accounting fees for professional tax prepmaintenanceProperty TaxesSales Tax on PM fees (In NM, this is charged, not sure about where you are)Reserves for replacement CAPEX - furnace, water heaters, ac, roof, parking lot, etc.Admin, software, advertising, etc.Cost segregation study for accelerated depreciation captureAs for your loan. 

I had mold in some cabinets below my sink and it ended up being significantly cheaper to just replace all of the cabinets.

Replaced the carpet with hardwood floors & new trim, painted all the walls, and completely renovated the bathroom What was the outcome?

Here’s the context:I own a rural property with two rental units:A manufactured home from the 1980s in temporary status with the county (meaning it can’t be replaced), which currently rents for $1,350 per month.A one-bedroom permanent residence that rents for $1,300 per month.My monthly mortgage payment is approximately $1,200, and cash flow is crucial to me right now.

Your short-term plan sounds spot on! 

Another sound reminder to leverage a team of experts.  

Quote from @Michelle Glover: I would say challenge it, but sounds like Kevin mentioned it changed with regards to challenges.. what changed?

This sounds shady to me.