The second, while not an as big of an issue is the entrance to the parking lot, is so steep that one of the residents choose to skip class if it snowed because it was so slippery. 

Vacancy (5%)Lawn care/Snow removal (2-3%?)

And definitely try to hire someone for snow removal if you have any day job. 

We have had a good size snow fall in the past years.

PS - the snow has changed over to rain, so as of a few hours ago, the roads were bare.

Owner pays all operating expenses (utilities, lawn care, snow removal, supplies) and maintenance. 

ARV conservative @ $250,000 to high @ $260,000- $270,000Only loans i am able to obtain  at this time unless you guys can recommend something else is a commercial loan at about 6.2% they will cash me out at 80% so roughly finance $200,000 5 year/ amortization at 20 years. taxes at about $4200 per year and insurance at $900 per yearRent for this particular property would be at $2,000-$2,200 per month with tenant paying utilities, water, and maintaining grass and snow.

I also think with a house rental, tenants are generally responsible for most upkeep (snow removal, lawn mowing, general maintenance, etc - so what's there to manage?

, water sewer ( +-$25), maintenance for property- lawn and snow ( +-$100). that's $370 right there. will there be PMI that you will have to pay on the mortgage ?

2) One of the units is currently rented at $125-$150/month below market value because the tenant mows the lawn and does snow removal, any advice for raising rent on the new lease without risking losing the tenant?