However, i just want to add one thing.

This average cost plus a 10% add on could be divided equally among the four units.

I would add one more question to Benolyn's list...What guarantee will the PM give for tenants they place?

I know Builidum has some interesting add-ons for maintenance (i.e. online inspection reports, etc) but I've never taken the time or money to truly consider them.    

I’m excited to see the responses (I would add one.. but I’m currently in the process of buying my first.

@Kara HaneyYeah.. definitely need to watch how much debt you add on. 

After that so be it, sell on.I don't allow the wholesale "partner" to add on to my assignment.

The issues typically arise out of "add ons" after a totally fine K&T wiring was initially installed way back when: people add, typically in a haphazard way, modern wiring to the old K&T wiring, possibly even messing up the breaker system by adding higher amps circuit breakers etc.

If you do not already have the LLC setup I would not set it up, just get a good landlord insurance policy (i.e. make sure your insurance company knows you are renting the property) and add on an umbrella liability policy. 

I would just add one section to the very top of the list....1)  Take action      - I will do my best to be smart and analyze but not let my fear prevent me from taking action     - Take measured risks.