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In the end my buddy and I nearly broke even after we included the monthly payments that we collected.

To avoid actually collecting money every week the lease agreement stated that the term was week to week, but if you paid in advance for 4 weeks worth of rent on the 1st of the month, you would receive the remaining days of the month at the discounted rate of being free. 

The property before the 1031 exchange was collecting $1600 a month rent.

I'm basically here to make connections and collect information.

Even though rental properties can be somewhat passive, there are still things to keep an eye on, like collecting rent, making sure utilities get paid, ensuring property management is doing their thing, etc.

Tenant move out in the middle of eviction process and we are unable to serve him.Any suggestions on how to proceed with money judgement as we cannot locate him to serve him ? ( Des Moines , IA )

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

You collect market rent (You might be collecting less net rent without a PM, you’re essentially managing for free.)

This frees you to focus on higher-value tasks like growing your portfolio, owner communication, and big-picture strategy.2.Adopt a Portfolio Management Structure: Early on, I ran a departmental structure (separate teams for maintenance, leasing, collections, etc.), and it caused inefficiencies and communication breakdowns.