Quote from @Zara Massoud: Your new PM is correct and the old ones were wrong.The property manager must have your social security or tax ID number on file.

Today, for example, I had to leave work to run a toilet to my plumber because when he took off the old one, someone had done a hack job on the remodel plumbing and damaged the flange and we actually needed a smaller toilet than was on it (10" instead of a 12").

Glad you are setting aside money, but if the HVAC is 20 years old, or the septic system has never been pumped, or the roof is 25 years old, etc; you will get hit with a cost before your build up enough set aside.How stable is the other tenant? 

I am 59 years old, and my retirement fund is all in my 401k.

My head is spinning, but I guess I'm just an old school, old fart! 

I enjoyed reading about your first year of investing—it’s clear how much you’ve learned.

Those are old enough to see some that need extreme updating and could potentially have value add component with a decent spread.

This negative position can consume years of cash flow to recover.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

If you no longer have business operations in the old state, forming a new LLC in the new state and dissolving the old one may simplify compliance and tax obligations.Some states impose franchise taxes and annual fees that could make one option more cost-effective than the other.