I'm a licensed architectural engineer with 8 years of experience practicing mechanical, plumbing and fire protection design in Baltimore, DC and the surrounding areas.

Good that you bought it as an LLC, because it sounds like a law suit waiting to happen.If I'm reading this correctly, my recommendation would be to encourage the tenants to move, then start over with a new design, making sure to incorporate someone who knows a little about building codes. 

The municipal property assessment is based on a mass appraisal model and does not take into consideration a large number of significant factors that can affect the market value, like condition of the property for example.

After you factor in maintenance, than might drop to $0, with the tenant only paying off your mortgage as a return.Keep reading the blogs and forums on BP and you'll see a lot of references to the 1% rule, which means the rent received each month should be at least 1% of the purchase price of the home. 

FHA will not insure a Mortgage if it is determined that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining Investment Properties, even if the Property to be insured will be the only one owned using FHA mortgage insurance.”What are the exceptions for the “single property” rule?

So it is important to review any indemnity obligations with your attorney and insurance broker before you agree to them.The first section is likely designed to deal with third party liability (i.e. if someone slips and falls on the property and sues both the Owner and PM).

You may also need to factor replacing those into your IRR calculation.

So does this mean that In January it will be the standard or will there need to be more factors for it to be accepted across the board?

Also they should be names very differently when sent.A lot of factors in it.

If you factor it in from the beginning, you will be just fine.