Hi Jeff, We have a saying " Pigs get fat, hogs get slaughtered " meaning do not get too greedy on this one.

Also, in my municipality, if it gets too bad the city will come out and mow it and send a nice fat bill for doing so. 

I have such fat fingers for such a small keypad.James 

The crap I have to deal with on the SFRs and that Duplex far outstrip any issues I have had with the HOAs (and one I would rate as a huge PITA that has to have a police detail at the annual meeting because the board is hated that much they fear for their safety).However I have this fat check I have to write out every month on them, even on the ones that are "Free and Clear" that DO cut into the cashflow.  

Don't bother the HR department unless they are signing the lease (fat chance of that happening).

Remember IRS does require you to keep receipts and invoices to make sure your not buying personal stuff along with your materials from Home Depot but you can just stuff those in a spot in your wallet and throw them in a shoe box at home when your wallet gets too fat, so you can go back and dig them out if your audited.

@Gene MarcowkaI personally use the Quickbooks software currently due to switching to an all MAC platform, but the experience I have had with quicken was not the greatest ( especially at tax time).

Register it as a public offeringYou can look up more info about one of exemptions and "Private placement" by reading the reg D, rule 506.I learned a lot from Gene Trowbridge and Kim Lisa Taylor who specialize in REI, securities law, private placement offerings etc.  

I have no tenants, I don't have property managers, I don't do repairs, I get principal pay down, I get depreciation, I get a fat option payment, I come and go as I please.

Quote from @Gene Cook: Am I wrong or are you mixing "adjusted" income with raw home values?