If your project incurs losses, they can help determine if those losses offset your other income or if they are carried forward.

Given the scope of your work, a simple plumbing leak would not concern me, it's a $200 issue at the most and ideally, it's just another line item when you do rough in plumbing for the kitchen.Being in a Milwaukee suburb, I am guessing it's a 1960s ranch, probably with galvanized plumbing.

Have the tenants take and send pictures of any maintenance items and video chat with the repair person as needed.If you ever get in a situation where you just feel like you can't do it or don't want to do it, you can always put a PM in place at any time. 

And as of now I've listed myself direct with Zillow and other platforms.I'm now weary as to whether I want to carry on down this journey for the property management.I only have 1 SFH so I don't need much, mostly just wanting to streamline how I communicate and manage the property. drop rentredi asap. 

I'm wondering how much specifics I need to include for each line item. 

With current interest rates, and they are at least 1% higher with potentially additional points for non owner occupied property, it is hard to find properties that will allow for positive cash flow after paying the mortgage, if you are looking for money for the down payment from a private lender, those are normally at higher than market and I am not sure it would be possible to pay it off.... please remember you need to take into account that you may not have a tenant for a certain amount of time, a tenant may stop paying rent, or you will have a big ticket item to fix, so I would wait if I were you and save to have enough for the down payment and closing costs and perhaps some money set aside for repairs. you also want to make sure that you have your own emergency fund outside of the money needed for the investment property because life happens ....

Of course when doing the 1031 exchange your basis will carry forward into your replacement property.Where you have a potential issue is establishing your intent to hold those properties but immediately selling one or more them as soon as you have them ready. 

And you can't legally dictate how much they carry for personal belongings. 

Here's what I have so far: Primary host with personal account + co-host(manager, brand account)-Pros: My super host status carries over which will help the new listings get off the ground.

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