@Kristin Vegas- You are going to need those invoices to be able to write off the repair expenses for tax purposes, so if this PM isn't willing to provide them, you should look for a PM that does.

Otherwise, if you already bought the property in your name and use QCD to transfer to LLC it's easy to track.3) Getting properties off your 1040 tax return: once you accumulate enough real estate, for various reasons you may not want the proeprties to appear on your Schedule E.

There are monthly mortgage, taxes, HOA dues and insurance expenses each month, however this still generates great cash flow every month.

There might be some confusion around the 60-day rollover rule which allows you to move money from one IRA/401k to another (both pre-tax and Roth).

I'm a licensed contractor in NYC and I have a good friend who's family owns a property here in Crown Heights Brooklyn that’s basically all paid off and taxes are up to date.

However, 80% is typically available as a rate/term aka limited cash out refinance (cash out just being used to cover closing costs and prepaid items like taxes/insurance).Your phenomenal DSCR is just a cherry on top. 

Once you close on your property:- You need to get a Phila tax IDhttps://www.phila.gov/services/payments-assistance-taxes/tax...- Then you need to register for a commercial activity licensehttps://www.phila.gov/services/permits-violations-licenses/g...- Once you have a commerical activity license you can finally get your rental licensehttps://www.phila.gov/services/permits-violations-licenses/g...All of the above will be done using the eClipse online portal systemIf your property is built before 1978:The system will kick back your application and you will not be able to get a rental license until you get a Lead Safe test.This is when you will hire a licensed 3rd party to come out and doing a lead test for you.

Also don’t know your taxes there.  

My payment with insurance & taxes is $1425 a month.

Op ex includes property taxes insurance repairs maintenance property management utilities landscape etc etc. $120,000 x 50% equals $60,000 operating expenses$120,000 gross income less $60,000 operating expenses yields net operating income (NOI) of $60,000.