@Shaun Hunt believe what you really want to do is start a "Master LLC" that can function as a PMC.You would then sign management agreements between Master/PMC & property LLC's and have all income & expenses run through Master/PMC LLC, and only have to "settle up" annually with the property LLC(s).Check with a qualified tax professional.

Run. 

As you point out, it’s not going to be a home run at first glance.

Also check if PM need to be licensed in that state as you could run into other problems.

Just wish they'd do the right thing, they are running our properties into the ground and most are less than 5 years old. 

I have a portfolio of short term and long term investments in NC and run a meetup in downtown Matthews.

when you know how to run numbers and Data. 

You've probably heard of big Landlords losing property, but only because they were flagrantly violating Fair Housing, running a slum, or otherwise violating the law in an egregious manner.

For example, on what I thought was a relatively simple project in a bathroom reno which was fully gutted down to the studs already, I had more than one quote for over $7k to run pex supply lines and rough in a shower drain and toilet drain off of an existing main stack, all of which ended up costing me about $200 in pex lines, PVC fittings, and sawzall blades.If you need any hardwood flooring repaired, patched, or refinished, you can't beat Dave's Hardwood Flooring out of Blaine - $3k spent with them fully brought one of my duplex unit's original 100+ year old maple floors back to life.If you're putting in any stone counters in your kitchens or for bathroom vanities, Twin City Discount Granite have been awesome to work with, and consistently have the best pricing I've found in the area on fully installed granite and quartz.I also have a great drywall guy, as well as a really good carpet install guy - feel free to DM me if you want either of their contact info!

I have run spreads to no end and if/when interest rates fall there is a point where OPM would make sense for this approach.