I felt like I needed time to handle it properly and they didn't have the time. 

Toledo has lots of problems with management companies here not being properly licensed, using "rent a broker's," and helping people from out of state invest and the end up in areas that are not profitable and are high maintenance and it only makes the "unqualified" managers money and not the investors.

Do you have proper license and insurance to legally manage properties for other people?

Maintain proper records - Contracts, Settlement Statements, Agreements, Promissory Notes etc.Additionally, you can track income and expenses consistently, using software or spreadsheets. 

Here is a great example why.I recently saw this asset come across my desk which was a non performing loan where the seller was a year behind (they made one payment I believe - even though they were allegedly properly underwritten).

I'm looking to install a new furnace in my duplex in Cincinnati OH. 

The potential tax implications are often minimal, and with proper planning, you can maximize the benefits of your investment while minimizing any tax burden.

@Tucker Cummings after struggling with SMS Marketing (and Wordpress plugin), and Slybroadcasting not having all the functions I wanted, I was just about to set up a Mautic installation on Digital Ocean when I came across REI Reply. 

Depending on the facts and circumstances of the agreement, it could either be treated either1) the sale occurs as of the original agreement date, and then your taxable gain is generally spread out over the life of the principal payments as an installment sale (although I should mention any depreciation you've taken on your property could affect this), or2) the sale does not occur until the lease option is exercised, and gain reported at that time.

Challenges like unexpected renovation costs and tenant turnover can arise but with proper preparation and management, you can achieve great returns.