To make taxes easier we set up a business checking account and had all the rent paid into that account and all the expenses paid out of that account.

Quote from @Dan Farsht: I am looking to connect with other hard money lenders in the upper Midwest (our business is currently concentrated in the Greater Milwaukee Area). 

I don't Atlanta is too landlord friendly and the demographics shift it harder to do business everyday.  

I agree with John, we are seeing renovation costs of $150k- $200k for a basement unit and $250k + for a coach house. 

Looking to connect with other working parents who started this business adventure in their early 40's and made it work!

That's like asking how much it costs to buy a car. 

Multiple people including myself have tried to caution him of the the true costs but he's been repeatedly dismissive and has made it clear we give him motivation and he wants to prove us all wrong (whatever that means). 

Meaning, if you take the money only, you would have depreciation recapture from your cost basis up to the original purchase price of the building (not including the land cost because it wasn't depreciable), plus a capital gain up to the insurance proceeds.Hope this makes sense. 

Firstly, becoming a multifamily agent is a fantastic way to learn the business first hand while making some cash in the process.

Here's an article with FAQs including the cost of a study.