The one month's worth of rent covers some costs (cleaning, readvertising) and the rest is a hedge against vacancy.

Currently they are rented to 2 different mid-term rental investors = basically no management cost to me + no turnover headaches for me.

So, by trying to get a tenant out and replace them with another tenant you have a 50% chance they will be the same or worse, plus the expense, lost rent due to vacancy, plus any tenant placement costs with your PM.

First year no PM cost.

The cost per unit is actually below average for Reno and maybe bit high for that location. 

I'm hoping to start the snowball effect and buy some more soon.

We took over the property management because the owner was having multiple issues with a few of the "tenants" that have illegally sublet the property, and we are now dealing with the ripple effects (e.g. squatters, dogs, dispute with neighbors etc.)The landlord is cash strapped, and has asked me to go in on the property/deal with him in order to get a cash infusion to cover legal fees & renovation costs. 

DIY managing is usually best, so you learn enough to avoid getting taken advantage of if/when you hire a PMC in the future.Your challenge is learning enough to avoid lawsuits and costly mistakes!

If we rent our house out, the tenant would likely cover our entire mortgage, but our HOA costs are high (they were raised a lot recently).

It’s crucial to have a solid agreement to mitigate these risks.The Ugly: Without clear agreements, co-ownership can lead to legal battles, credit issues, and potential loss of property.By carefully planning and seeking professional advice, you can navigate this situation effectively and find a solution that works for you and your family.