The down side is the higher rate .5-2% above prime depending on deal and your financials.   

Should I keep a record of what I did and how many hours I spent on the activity every day (and also other)?

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.

you don't want to set yourself back financially just to own something.

It was first recorded in the Register of Deed on something like page 6. 

What Im looking for with REI.... is to find financial freedom, to build generational wealth, to bring my family together; my brothers,  my children, and their children into a business Im not only passionate about, but proud of.  

If your financial situation means you can buy a single property per year, or even a property every few years that is entirely okay.

In the middle of trying to make the same decision (only from CO), and have learned that keeping the property is not financially wise since the ROI is low (<6%). 

I have skimmed over the management agreement and it doesn't really say anything specific in regards to who is financially responsible in the case of a squatter breaking in.

Public Record bedroom number is different than the advertised bedroom number.For instance, Public record and tax assessor says 4, while advertised bedroom number on MLS/listing is 5.The listing agent insists that the bedroom number is correct and that assessor and public information are wrong.What steps do I need to ensure that the advertised bedroom number is correct?