That depends on how many units are in your MF, what your longer term goals are and what kind of lifestyle you want.If there are a lot of units or you plan to have a lot of units in the future then invest in setting up good systems now.

Normally with long term rentals though, losses are considered passive activity losses and not released until you dispose of the property.

Everyone's situation is going to be personal, so take any and all advice you get here with a grain of salt and weigh your options on what best hits your goals and lifestyle.

Normally we keep 20-30k.So, how old is the water heater?

Normally I wouldnt expect the PM to do that but if it was $1000, I would at least expect them to get a quote or offer to let me find my own plumber / get quotes. 

It’s all about balance and what works best for you and your fiancé's lifestyle.

Waiting will allow all those zeros to feel normal to you.  

Know what’s normal so you can spot what’s NOT.Talk to Brokers/Connections Weekly.

Not normally, although technically it might be the same ownership companies don't like to combine the personal, LLC, partnerships etc.

Normal wear and tear.