Hi all,I had purchased a long term rental in 2022 with myself and spouse as the original owners.

@May WangEncourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Welcome to the site @Frank Rubaie!

The money making part though is the previous owners had built a detached studio that was mostly finished.

Hi @Jay Lam, we always require all owners to sign the property management agreement, so I'd recommend going back to you PM and enabling you both to sign.Best of luck!

If the software is not simplifying your life or making you more accurate, you shouldn't use it.Software has extremely helpful features like online payments, marketing syndication (click a button,your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.

For property owners with out-of-state investments, is it necessary to keep all receipts and invoices for write-offs during tax season, even smaller jobs performed by the PM's handyman?

That seems to be the most often way to do it.What does the owner say?

Welcome to the site @Didi Nishlis!

Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.