@Logan Jorns , if you're making fairly low profit, then no it isn't worth it.

I could make a fairly long list on the pros and cons...

Here’s the situation - my fiancé inherited a very nice house from fairly wealthy parents.

The Louisiana Homestead Exemption exempts the payment of property taxes on the first $75,000 of the homes fair market value ($7,500 off of the assessed value).Also, is the property in a flood zone?

We have a great relationship, and I know i can get a fair deal on it.

In that case, certainly get the seller to sort that out first or you could have a headache.The property management company that I like and trust never hold you to such obligations from the start, they operate with the highest quality of service and basically maintain that if you don't like them you don't need to work with them.

@Jim Brandt , Unfortunately, a house that is in your name and used for personal purposes for more than 14 days during the year, or more than 10% of the number of rental days if greater, is considered to be a residence (not a primary residence).You are deemed to have used a property for personal purposes when it is used by: Anyone who rents the property for a price that is less than fair rental value.So the house will not qualify for rental property or investment property. 

Roof is fairly recent, no signs of leaks anywhere, basement is dry.

Predominately rental areas rarely fluctuate given the value is driven by the rent amount not sales price.The 1% rule is difficult to maintain.

From those one looked fairly good, well managed on the upswing as a new owner had come in and started remodeling and kicking bad tenants out. 24 unit complexList 565,000Purchase Price 535,000Gross Rent:138,000Less Vacancy(10%) 13,830Operating Income 124,470Property Tax 8,837Insurance: 6,900Management(6% after vacancy): 7,468Maintenance(6%): 8,298CapEx(6%): 8,298Water: 8,400Waste: 2,700Electric: 8,400(laundry room, hot water heaters, security camera's)Cleaning(unit turnover): 1,800Landscaping: 600Operating Expenses : 60,301Net Operating : 64,169Loan Payments(100% financing): 42,369Cashflow:21,80024 units - 16 2bedroom and 8 - 1 bedroom lofts.