As the home sits right now it will cash flow about $100.00 to $150.00 a month if I self manage it due to tax hikes and the homestead tax credit not applying after it becomes a rental.

Do not pay 10k to a lawyer to set this up, if you want, you can set up the WY LLC for free on bizee.com but would also need a "Registered Agent" aka RA which is $25-$35 annually with 3rd party companies after the 1st yr free with Bizee.

@Conte Cuttino, I am having trouble following you numbers, but if you are making $664/mo in truly free cash flow after all vacancy, capex, maintenance, etc reserves are met, compared to your $107k profit after all commissions and taxes are paid, you are really only making 7.45% on your money.  

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

My experience with Furnished Finder is that nurses want the world without paying much for it.

Example, last month a renter did not pay for one of my rentals. 

. $425k) to purchase a 12-unit Apartment ($1.5M) with 25% down ($375k from the HELOC).The remaining $50k from the HELOC could go into fixing/rehab of the 12-units.Then cash-refinance the larger amount from the 12-units to pay off the HELOC in one lump-sum (as much as possible), then using the cash flow from the apartment to pay off the rest of the HELOC.Repeat the process with a new apartment.1) Does this make sense?

I don’t want to be accused of discrimination, I won’t keep up on local law changes, I might be reluctant to charge late fees and with their knowledge of going rents and rent increases they usually pay for themselves.

Your refinance loan amount isn't enough to pay off your initial financing.

Since the remaining tenants have still been paying, I'm not sure that I can treat the MIA tenant as absent.Let's say the remaining tenants decide to move out (probably because they will eventually have trouble paying) and I make the refund check payable to all the tenants per the rental agreement (and to protect myself against claims from the MIA tenant), but they can't cash it because they can't reach this third roommate.Any recommendations on what to do with the money or what course of action to take?