Apparently, the person I am under contract with was managing the estate of the actual owner who recently died.  

The key is to standardize property quality and management systems, which would appeal to buyers seeking scale.If you’re thinking long-term, holding these properties for cash flow while leveraging local appreciation is also a strong play.

In addition I heard that is better having one LLC for each property and one for management only.

He usually buys in C neighborhoods and has to do heavy rehab, but he's a construction guy that also runs his own property management company, so it's 2nd nature for him.

My manager is largely responsible for that. 

Lastly, there will be no management fees!

Hi Aaron,It's always challenging when companies go through transitions like this, especially when it involves something as personal and critical as managing retirement accounts.

Step 3- hire property manager to manage/look for rentersStep 4- look to refiance out of the hard money loan(how long after having a renter in can we refiance?)

I don't want to bite off more than we can chew with managing a full reno while we learn the ropes. 

Lastly, if you want cash flow so you can quit your job then you might want to consider strategies like flipping, Airbnb, property management, and being a real estate agent.