The property should be able to have rents that easily cover the payments as well as cash flow positive (money into your pocket every month). 

That's my way of positively suggesting that you don't need a $10k-25k "helping hand" invoice...

Professional landlord" is not a tax term, so I am not positive about what your CPA meant by that.

Also as the tenants pay down your mortgage you can use that equity for other real estate transactions.While hiring a PM is very daunting and we tend to get a bad reputation it is possible to have a positive experience with a PM. 

We live in CA, so cash positive opportunities are generally far from home.  

@Brent Coombs, I'm sure what he is looking to do is replace the current mortgage with a HELOC, and then some. i.e. replace his 100k mortgage with a 200k HELOC in first position and pay off the current mortgage. 

I think I can rent each side for around $1,250 each, and after doing some analysis, it looks like it could cash flow positive.

From a position of attracting buyers for the homes surrounding the airport, it certainly does that and helps boost the home prices.

They could do a "subject to" or a "lease option" transaction depending on their personal needs and title position need and how much they trust each other. 

@Shane Jeanfreau if you will be seating on built up equity that you created by repositioning the asset you MAY be able to refinance the property after 6 or 12 months to 70%-75% (or more depending on your lender and the property) of Appraised value.so if you added sufficient value you may be in a position to have no money in the deal.