So many landlords set up these types of additional escrow accounts and fund them monthly to try and anticipate those expenses - but these are separate from the lender's escrow for taxes & insurance.All the best!

Maybe offer it at a cheaper rate to a developer with lots of years under his belt and take you on as a limited working partner.

If you are dead set about this property, some initial questions I would ask:1.

The temperature in the hallway may be very different than in one or all of the apartments due to drafts and just how the vents are set up. 

They tend to have limited leverage and higher interest compared to other products like HELOAN or DSCR, but if you desire a LOC, I'm sure they're out there.

If the tenant is calling to request light bulb changes then I need to be able to say no and set boundaries.

I would rather invest where regulations are set in MI and then you can dial in your search from there just my .02

You can suggest to set aside money for CapEx items but they get capitalized in the value of the home i.e.

check with a local attorney there are rules for filing liens of course anyone can file them but that does not mean they were filed legally.. in most states you have to give a PRE lien notice in writing and by certified mail.. you have time limits to file it.. so if they try to cloud your title they are taking a risk of slander of title. not that they have any money to pay if they lose but you can fire back with that if you need to.

last thing I need to set up is book keeping, QUickbook desktop good?