A lot of these homes are older and your on paper 2-3% rule can easily disintegrate with capital expenditure and/or eviction/turnover. 

Like if I wanted to do it on paper.

I know I have to publish a notice of the LLC within 120 days of formation in a local daily and weekly paper. 

YES - If this is truly a project HUD building where HUD 'guarantees' rent for all units then there are very specific / screening / reporting / inspections requirements that you must meet; tenant income thresholds, REAC inspections, etc.You can do this yourself (HUD has to approve you to self manage) but most owners elect to hire a PM who is licensed / knows the systems / paper work / HUD office contacts.

I ask this simple because I feel I will understand and learn more if I can do 1 or 2 calculations on paper.

It’s been more than a week and he hasn’t called back, but I see that he tried to a certified letter today and no one was here.I think he wants no paper trail because he is not paying taxes.  

It’s been more than a week and he hasn’t called back, but I see that he tried to a certified letter today and no one was here.I think he wants no paper trail because he is not paying taxes.

@Tony Nguyen on paper it looks great.

The business model requires people pushing paper to get anything done. 

Can you get his bank account information and transfer him the money electronically, including emailing him a breakdown of any amounts removed... and just make sure there is a very clear paper trail?