Many of these homes in the midwest can be old, and have deferred maintenance and the management of these assets (ie. handling Detroit winters) is often where the deal is made or missed.

For example, one $27/hr FT property manager of mine can manage 140 leases.

I did as she asked and managed to book 6 of the 14 nights she had cancelled.

I'm always surprised how expensive Portsmouth is by comparison.May I ask how much you plan to DIY the property management? 

If you're a relatively new multifamily operator, you'll likely be required to hire a professional management company (inexperienced owners are typically not allowed to self manage the assets).

If something breaks, the management company fixes it. 

Having a backup plan, such as a HELOC or alternative financing options, could provide added flexibility.With loans spread across 19 single-family homes, consolidating into a portfolio loan might simplify management and offer greater long-term stability.

I generally work with home owners looking for long term management, but I do work with a local broker with access to off-market deals, and he sees a lot of activity in the area.

TYI still know property managers who swear by them.

You can structure it as an LLC or joint venture, which offers clearer tax and liability benefits.Your son doesn’t need to be on the loan or title if he's a silent partner, and you can manage the mortgage, credit, and insurance.