And the gains, up to the amount of depreciation taken or allowed (whichever is greater) are subject to a tax on unrecaptured depreciation, currently 25%.Second is that you will have many other expenses such as routine maintenance, legal fees, CPA fees, HOA special assessments, tenant damage, etc.  

We had envisioned 2 hour drives that are routinely 3.5+.

., taxes, insurance, common area utilities, routine maintenance) and capital (roofs, boilers, etc.)You certainly are not going to get a 30 year fixed rate loan.

Others are irregular, but frequent - routine maintenance, snow removal, mowing.If you're looking at a 24 unit apartment building, 50% of rent is a pretty widely used number.

A change in ownership of the building is seen as a break in the routine and that becomes a good opportunity for people to make a change.Assuming that there is reasonable demand in the market for rentals, it's fine with me if the holdover tenants leave, especially if they are paying undermarket rents.

However, the management and maintenance expenses are a routine part of the business.

(She routinely does this and has purchased hundreds of properties.)

Simple things like faucet repairs, routine plumbing, electrical outlets, and other things of that nature are maintenance. 

I know they can handle the routine maintenance and rental collection but have thought about property management. 

Either they are uncomfortable speaking to others directly or are not especially compelled by your message or offer.I would encourage you to learn to ask questions that the "intermediary" will defer to the principal to ask.