The math suggests that you will have 4992$ (416$ monthly) on an annual basis in vacancy.

The slight edge really helps you take the small steps needed on a daily basis to win.

The other thing to consider is that your family is now inheriting the stepped up basis.

Hey all, I’m a small-time landlord with a few properties down in Henderson, NV. I won’t say that I’m making too much of a bank with my properties, but the business has been good enough where I’m looking to get closer ...

That being said, if the numbers work on a month to month basis, the value or cost of the property should be a secondary concern. 

From videos I have watched, I get the basis of it but what first steps would I need to take as far as the laws here in Utah?

It depends on your tax bracket" may not be an appropriate answer here.For the most part draws and distributions are a return of capital/decrease tax basis and are not considered taxable income.

What cost basis should I use?

I have had a couple of other contractors that thought I was supposed to meet them every day with a check.

I don't have a set routine to be sure I touch all the bases every day.