If it wasn't housing, food, or transportation, I didn't spend money on it. 

You’ll spend more time learning how to manage than you will actually managing something.

Additionally, have a clear budget, factoring in potential repair costs, and ensure you understand the rules about earnest money deposits and closing deadlines.LLC for Real Estate Investing: Forming an LLC for rental properties can offer liability protection and may provide tax advantages, though the tax benefits are non-existence for rentals.

That's understood.Page 19, Two faces of Debt: Federal Reserve Bank of Chicago - "banks exchange a borrower's "promissory note" or "security" for a check that other banks can deposit" (so the note is funding a check) same page states, "...the borrower can spend the deposit acquired by borrowing"... 

But they'd rather spend their time finding more syndications then worry about current investors. 

Average tenants budget to their income and their income changes very modestly each year on average.

Was last year abnormal or you think the normMy guess is you will spend a lot more than $200k on an attorney with benefits etc. but if it cuts down in expenses it definitely is something I would consider and even if it costs a little more, having control with having someone in house does reduce unknown costs and risks. 

Also is the mortgage too much for your budget?

During the 2years we’re spending $ on attorney fees, and I’ve got that “queasy” feeling, especially since it’s questionable whether or not the properties are worth the amount we are owed. 

What is your budget and what numbers are you wanting to achieve?