A true business would incorporate and then none of this would be necessary. https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tinPart of the problem is the skills required to swing a hammer or turn a wrench are completely different than the skills to run a business.

There is no way to really hammer down and predict expenses. 

When the day comes bring a pad of paper and a pen jotted down the hammered price and taking notes. 

there has been plenty of money made on this one.. each time someone found it impossible to manage because of the tenant base.. they dumped it for a loss .. wholesaler picked it up sold it to the next person who thought it was a great idea.. and the cycle repeats.. a ton @Hadar Orkibi  AU investors got hammered in Frayser.

Quote from @Emily Hammer: Hi Bigger Pockets team~ I just listed my first MTR in North Raleigh(Zillow, Furnished Finder & some FB Groups so far).  

I had a feeling right away that I was waiting for the hammer to drop and boy was I spot on. $14.000 was the cost.

They go on to say that if we don't meet and actually provide a signature affirming the condition of the home, that they won't let us show it for the next week as they cannot come back to the home to check the condition after each showing (as if a prospective buyer might take a sledgehammer to the walls??).  

I have tossed around the idea of finding some small city where I could just hammer it with marketing and buy a lot of rentals, but to what end?

Then hammer down on finding a specific property.

React with sledgehammers.