Define a list of criteria and questions for a possible PM companies and collect as many referrals as possible.

Some loan docs clearly define what are "Permitted Transfers", and anything other that those could be an event of default.I'll let someone with more experience on the matter correct me if I am mistaken.  

Certainly there is a ratio for each property that defines whether it will be cash flow positive. 

My attorney has defined many items on the draft purchase agreement and deed (both parties looking at draft now).

So you understand the rehab component.  

1) Start by house hacking a multi, this is a low risk way to learn2) Focus on building relationships and getting good at finding deals3) Define a production line process from acquisitions through rehab and dispositionGet all of these right and the money will find you.

I googled it for you.The IRS says this:Replacement of the furnace in your residential rental property:Is generally a restoration to your building property because it's for the replacement of a major component or substantial structural part of the building's HVAC system.

If you can define the endpoint of how you want your life to look in the future, your brain can help you start building a roadmap and get you there so much faster.  

The 8-year old furnace is still working , can I charge tenant for maintenance cleaning up of internal components?

The key is to define what makes a deal good and stick to that.