Obviously I know learning how to do this stuff will save me tons of money down the line, but I'd also like to maintain a professional feel to our house, and have professionals work on anything broken.At the end of the day, is this ok?

By doing this, getting the debt ratio's in line with a loans guidelines?

The Property Management amount is a Guaranteed Payment and is reported on line 4 or line 14 of that specific partner's K-1 with a notation of "A" as the payment type.All other profits and losses for that partner (and any others) get reported on line 2.Do not 1099 the partner.

It doesn't take a lot for a project to go 150-200K over budget when the building department holds you up, the gas company can't install new lines for 6 months, and your subs walk off the job. 

Have lenders lined up.

Bottom-line, if you ran your numbers thru the calculator with accurate projections as a rental (not as a owner-occupant) and show negative cash flow, I would avoid ithe properties in questions and keep grinding. 

Thanks to all the contributors.Question: I am looking for a house to buy (First time home buyer) but my plan is to rent the house in 1 or 2 yr down the line.

Pull out line of credits on them? 

Just make sure they are understanding and I bet it'll be fine.If you have balancing or control issues - meaning if one space is significantly cooler or warmer than another - you can fix that pretty easily and cheaply but just installing in-line dampers in your registers or in your duct system. 

Is it feet, yards, cubits (LOL) city blocks, water-meters, utility poles, sewer lines, or just plain up to the lender?