We have to manually log the issue/damage, then enter each bill once we've done the work, then we have to track whether the tenants reimbursed us or not, then we have to pull together the water bills from another expense tracking sheet, and then re-organize everything per property or per tenant to be able to generate a summary report (which we are required to provide to tenants).

The PM will simply take any profit away. 

One of the things to remember in owning mobile home parks is you are not only building a business to draw profits from on a monthly basis but you are also building a business that you can sell for a profit down the road. 

Hi Matt,I'm in a similar situation as you were and wondering how this strategy worked for you or if you found any better ways to organize the finances for the house hack without the rent covering the mortgage?

Toledo has lots of problems with management companies here not being properly licensed, using "rent a broker's," and helping people from out of state invest and the end up in areas that are not profitable and are high maintenance and it only makes the "unqualified" managers money and not the investors.

So you may profit $4000-2800-720=$480/mo or $5760/year. 

As such in order to survive in business one must have a number of deals going so that a loss in one can be offset by profits in the others.  

I don't believe you will lose money in a worst case scenario but you may not get profit you otherwise might have. 

Also, if dealing with the Insurance co. is taking you away from other profitable endeavors, the cost of the adjuster may also be less of an issue.As to how to find the Attorney and Adjuster that will require some work on your part.  

It’s a good property, but fell it may be time to take some profit off the top.