I'm not sure what cost are associated with maintaining the septic tank?

We keep them well maintained and tidy with the idea that good tenants want updated, clean spaces and are willing to pay a bit extra for them.Do I let him stay, at least another year until all the other units are turned, or does he need to move on?  

Find a great manager and give them a generous incentive to maintain the investment in tip-top shape and occupied.

You must maintain your property as an owner in good condition.

I would like to thank everyone who responded to my initial post with their suggestions as it truly helped me make a decision on what i wanted to do, and provided additional areas that i needed to study and research on.  

.: There is both an initial cost of creating/forming an LLC and (based on which state) a yearly cost of maintaining the LLC.

So you need to take the time to figure out your own “why” so you can maintain the motivation and drive you need when things get hard.

And while there are plenty of dilapidated and run-down buildings, that isn't always an indication of demand for a new development.For your project,  I'm assuming you had to put together a full Market Study and Financial Feasibility study?

I've been studying it for a while now and just now starting to jump in the waters.

just looking into   I put 14K down  and rent it out for $1000 per month  $1000 - $650 Mortgage payment = $350 cash flow   I will study a bit more before I get into something .