We have given notice to the current 3rd party management team that we are going off on our own and kicking around the idea of doing 3rd party management ourselves for other operators.

We are in the process of organizing the operating agreement and possible sale of the building. 

. - good post, as you mention NYC is a bit complicated, if your interested in the Airbnb impact, Planet Money did a podcast fairly recently on the impact in New Orleans, while it mostly focused on the operators, they did have some data on the impact to property values as well:https://podcasts.apple.com/us/podcast/planet-money/id290783428?

It also is helpful to have a California LLC in case you ever sell that property and move into another state so that you do not need to form a new LLC altogether with new operating agreement, just re-register in the new state as a new foreign LLC.Obtaining a loan in an LLC can be difficult, but not impossible. 

Thank you for sharing @Dennis Juanir,ELP is definitely a great rental market, I am not to sure about the Flipping market as there is way too much competition.If you are doing one deal at a time without a pipeline of deals, your operation costs will increase.Finding a fix and flip deal on the average house price of ELP of $140 - 150K ARV means you have to get the deal for $91 to $105K and that is not counting any repairs you have to do. 

Property 1:Rent: 1625Mortgage: 560Repairs: 1000Owner Operating costs (utilities): 382Management: 114 (8%)Taxes: 100Capex: 112Vacancy: 70Insurance: 67Property 2:Rent: 1745Mortgage: 765Repairs: 3000Capex: 175Vacancy: 87Utilities: 60Ins.: 70Taxes: 105Management: 140 (8%)Thanks for the help @Taylor Chiu

What does your typical operating/maintenance expense look like once under this policy?

It is a part time gig for me, so I will be keeping the operation small at the moment. 

I was thinking this might be a way to reduce my maintenance exposure or recoup costs by creating a 2nd revenue stream with future tenants since none of the properties are large enough to justify coin operated machines.

Everything is under one roof so it's easier to clean and operate.