Budget for a realistic expense item here as well which will also reduce your cash flow.Also budget a small amount for administrative expenses.  

they did have other categories for expenses, I just combined them to reduce the size of the post..they had these as well...Salaries & Related (10,050) (10,151) (10,252) (10,355) (10,458)Marketing (660) (667) (673) (680) (687)Repairs & Malntenace (5,935) (5,994) (6,054) (6,115) (6,176)Administrative (3,350) (3,384) (3,417) (3,452) (3,486)Turnover (1,740) (1,757) (1,775) (1,793) (1,811)Management Fees 4.00% (11,588) (11,874) (12,159) (12,452) (12,752)Utilities (15,840) (15,974) (16,110) (16,247) (16,386)It is not value add.... 

If it states that all monies received are first credited to any late fee or administrative charge, then applied as rents collected, then to 10% management fees then to the owner, then you're sunk, you agreed.

Yes, I sure did. it was to pay for additional administrative and/or additional activities required which were unforeseen at the time the lease was made, the agreed rents were also a tad under market rents and fees were not cumulative adding one infraction on top of another, so even with additional charges rents were not excessive.The basis was for the time required to address these unforeseen matters, charge was by the hour and the time spent or claimed was actual or my estimate and never excessive and was rarely used.The lease was approved under HUD regulations by/and our City Attorney for low/moderate income tenants under an economic development program where a "funny money" loan was assumed on the property, I bought the property from the city.  

In the counties where we do it, we use get both the "personal representative" (which is the executor or administrator of the estate) AND the attorney name.

The IRS would tax my profits much differently and it would create more administrative work for me.It's still an option in the future but not right now while I have another full time job.

will issue 3 Day Notice Monday if no rent received in mail. i believe i am victim of harassment due to ltr to HUD Regional Administrator in S.F. who never responded.

VA could be Virginia, Virtual Assistant as said above or Veterans Administration.

Good news, however, is that if you're considering using an FHA loan to house hack the federal housing administration just lowered the annual PMI premiums on FHA insured loans that close on or after 1/27/17 from 85 basis points down to 60 basis points if you put less than 5% down. 

Will the incoming administration impact the economy?