Here's an example why:- One of our people made a mistake last year, and entered an expense of $1500 instead of $150 - they accidently typed an extra "0". - Fortunately, our transparent systems allowed the owner to catch it:)- Full transparency - we would have never caught this honest mistake:(An owner also needs to be involved to approve & fund large expenses: maintenance, property tax & insurance payments (if they want to be more hands off), evictions, etc.A great PMC should also have a chat with you annually about your future plans for a property and your portfolio. 

Padsplit seems like a neat idea to me, but seems expensive. 

I am living at home still, so I don't have any expenses, but what should be the next step I should take?

From what I have seen, the typical remedy is termination of the contract, refund of the EM deposit and all expenses incurred by the buyer during the failed transaction.

I’ve learned that it is a very expensive ordeal but having a good lease helps remove the tenants faster.

Fannie Mae has a requirement that if you want to use the rental income from the non occupied units, that you MUST have a current housing expense which means you cannot live rent free.

I'm sure judge would be entirely sympathetic to this in the area in which he lives.

The problem is that your debt payments are going to basically wipe out that $400K profit unless there is room to increase revenue or reduce expenses.

(NY counties are generally quite expensive)Do you have home owners insurance to cover fire or other damage?

Then it has an expense tracker to compare budgets to actuals during project execution.