I purchased both for $308,000 total in Dec 2015.

If you own say, 10 rental properties, obviously you don't want to do that under your own name so people often create an LLC when they own more than 2 properties?

Please let me know if I'm not including any expenses or missing something key.Property Details:- 3 / 2, 1374 sqft, $89k askingExpenses ($802)P&I: $369Tax: $188Insurance: $70Utilities: $50Vacancy: 5% ($62.50)CapEx: 5% ($62.50)Total Investment (Down Payment + Closing + Repair) = $25,499Rent = $1250Cash Flow = $448Cash On Cash ROI = 21.08%This is a single family home in an area where I've competitively estimated the rent (Most units running between $1150 and $1450). 

 - One interior unit will be 12,000 BTU for a large living room/kitchen space, and a smaller 9,000 BTU for the bedroom.the total system capacity has to be able to cool both inside units at the same time so 21,000 BTU or larger for the outside unit.The beauty of these is that they can be installed DIY (provided you get your 608 certification card), as long as the line sets don't need to be shortened or lengthened, as there is no brazing/welding involved, just connect the lines and purge air, etc.my dual zone costs comes in at around 2.6k to 2.8k for my 800sqft structure.

Equivalently, it is the discount rate at which the net present value of future cash flows is equal to the initial investment, and it is also the discount rate at which the total present value of costs (negative cash flows) equals the total present value of the benefits (positive cash flows).Can you shed some light on how you calculate the IRR for your rentals?

AirBNB obviously incurs the utilities (including internet...maybe cable/security), property management, and hotel/local taxes that I'm still trying to educate myself on...not to mention the upfront/semi-ongoing furnishing.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

I learned something from your comments that I hadn't seriously considered before:  The multi-year lease I think is GREAT for turnkeys AND for a newer investor who has a full-time job and a family to support may not have the time, energy, resources, or knowldedge to start from the ground up on with out-of-state real estate investment, I can totally see how turn-key can be super convenient and VERY attractive. 

I think his current mortage is around $750 a month on a 30 yr.I'd like to pay about $1200 a month total outlay to get it paid down. 

I have negotiated with the seller's agent to represent both sides of the listing and reduce the total commission payout.