Hi Chihero,Don't forget the SEC requires the PPM to have a "Prior Performance in Raising Funds Table" and an "Operating Results of Prior Programs" table that all investors must be given.Also the SEC assumes Accredited Investors can handle losses if they occur and Sophisticated Investors can asses the risk for themselves.These opportunities are not open to the "General Public" for those reasons.

Just make sure you know how much life your water heater and HVAC have left and that you’ll have the cash or a home warranty to replace those items when they go.

Also without statements how do you go about properly claiming items such as interest deduction / property taxes etc when its time to file taxes?

If it's anything but easy, it's your PM that is the problem.4) Along the lines of item 1) above.

A list of the paperwork and miscellaneous items needed between the seller and myself.

Inspections are well worth the money when it saves you from a devastating loss like that. 

Light bulbs, furnace filters, paper towels in the kitchen, toilet paper, door entry rugs, shower curtain, mini blinds, or any other USEFUL items that are often forgotten will be appreciated. 

I would assume that the CapEx is reserves for water heater, furnace and other items like that.

Hopefully they’re diverse enough to subsidize a loss on one market with profits of another.

I don't know if there is a defined number of hours you have to work each day but let's just assume you should probably spend at least 4-6 hours per day on "business" items.