I think you might be best off ranking your properties based on how they perform, if they have upcoming cap-ex expenditures, etc.

List Price : $15,000 - Foreclosure         Single Family 4 bedroom/ 2 full bathrooms         2 Car garage in the back  yard with a sizeable back yard half fenced inLocated in Rochester NY  I did some basic numbers just based off of the pictures and came up with this tell me if my estimations are on parIncome - about 1100/month (based off of rentometer 4 bedrooms in the area)ExpensesTax - 130Insurance - 60utilities - renter paysvacancy - 55repairs - 110Cap ex - 110Property Management - 110_______________________$600Capital expenditures that we'll need to put into the house before renting based off of the pictures(new roof - about $7,000the inside ceiling looks like there is water damage and might need to be re plastered as well as the flooring in each room may or may not need work - $7,000Kitchen looks workable minus a few cosmetic fixes on the cabinetsplumbing - will need inspection to look at itfoundation - needs inspection to look at it windows - inspectionlet's just say 20k into renovating and making it renter ready and we are able to low ball them and purchase it for 12kcash on cash roi - 15% which is great for me (anythiing more than 10% cocroi i'm ok with)Again, please let me know your thoughts on things i could be missing and if this looks like a good deal!

You can deduct all expenses on the investment side from your taxes (repairs, utilities, capital expenditures, 3/4 of the depreciation, 3/4 of the insurance, 3/4 of the property tax, 3/4 of the interest on your mortgage, etc.)

The other things to consider are capital expenditures, property management, ongoing maintenance, vacancies, & utilities.

So as far as the quality of the home, you can get something in Houston far newer of a build so your capital expenditures (Cap Ex) are lower since you have less major maintenances.

Is there a dollar amount of expenditures you want to require unanimous approval?  

Other calculations I always include are:Vacancy rate - 8% * source belowRepairs - I usually budget around $750-1,000 per year (keep in mind you can also use the renter's deposit to complete repairs if they caused the damage, just keep document things properly) Capital expenditure - Calculate the replacement costs of major items (roof, flooring, HVAC, etc.) and divide them by their estimated remaining lifetime. 

The first thing that popped up in my mind was that usually there is a HOA involved and should be carefully checked out with regards to their experience and do they expect any near term or long term increases for capital expenditures in their fees and do they have any rental requirements or restrictions? 

So total monthly expenses with capital expenditures, landscaping etc etc comes out to about 1250 a month.

This was in Hawaii, so it may be different for you, but I was told that I could file the same expenditures for my house with out an LLC.