I could have used a property manager on those properties but lease up fees of one months rent are painful when rents are in the $1300-1500 range. 😬 My goal is to eventually leverage all of our SFR equity into multi-family properties, and manage the managers of those properties, not the asset/tenants themselves. 

The builder is a borrower not a member.Yes you should always use a third party fund administrator and accounting firm to audit and preform all the accounting and back office duties.

It adds another level of negotiations and is a pain for sellers. 

Also, if you end up having to evict a tenant from that apartment, it's an extra pain if the apartment wasn't legal to begin with.

Main stream media [ie left side media] is going to push the recession narrative very hard next 6 months, they want pain so people do not vote for Trump.

I plan on doing it for a year then during that time see if I can learn the administrative side.

This additional layer of paperwork would be a pain, do I need to rework my lease to add verbage for a cosigner?

. - Only one heating system, so the bill is insane, almost 8-10k a year- water very expensive, not sub metered and a pain to do, tenants won't pay for it anyway, at 8500 / yr- Flood zone, needs flood insurance & crazy other insurance, totaling about 10k-11k a year- Deferred maintenance - needs roof, deck work, landscaping and some interior work. - No one buys it, it sits, they price drop to 1.6, now they want 1.4, but it is no longer on the market. 

Bookkeeping and incorporation costs are a pain.

Originally posted by @Lauren Havens: we teach a lot of classes about torture rentals.That sounds sort of painful.