No matter what you do I think you are going to have guests point out that something isn’t working which could lead to annoyance or requests for refunds or bad reviews.Plus, providing bottled water over the long term probably isn’t going to save you much money compared to paying a plumber to get the fridge connected. 

Correct - Track all your income and expenses.The bookkeeping will determine whether you are profitable or not.it will also be good to compare from year to year your income / expenses to see what expenses you can potentially try to limit.I.E.

The thing I didn't like about RentRedi after doing lots of research and preparing a spreadsheet with features and costs, is that RentRedi doesn't disclose up front that the accounting portion is linked to another company and is extra and, frankly, comparable to the pricing of the "big boys."   

I have found that the "value add" opportunities, with rent increases, renovations, zoning conversions, and other work needed, absolutely do take up more of your time compared to a more turnkey property - even with third party management overseeing the process. 

We're exploring creative ways to provide him with the cash needed for the down payment while avoiding triggering a taxable event.One strategy we're considering is purchasing his future primary residence ourselves, making the mortgage payments, and then, once we've built enough equity—comparable to the appraised value of his rental properties—transferring the title to him as a form of exchange.What are your thoughts on this approach?

What happens to the 'comparable value' if the area is uninhabitable or a community that won't return for years? 

Dustin, you're comparing apples and pears.

For my screening criteria - income from all financially responsible applicants is combined and compared to rent.

It could provide more cash flow but your leverage would still be less due to the total value of that property compared to the 4plex3) Is there an easy way to understand what price range I should stick to in my area, and should I focus on the best market or focus on the best price for properties? 

Fortunately for our 100+ house community, the fire department was already on site battling the brush fire and about a dozen fire fighters frantically extinguished the 4 or 5 roofs burning.This is insignificant compared to what has happened in LA, Palisades, Malibu and Altadena however having lived through Hurricane Andrew and many other major storms even this experience was drastically more terrifying and chaotic.