If would be helpful to have everything you believe to be tax deductibled lined out.Let's get down into the weeds....First,"The depreciation, if building is only 50 % - 151$/month, if 20% - 60$/month, with interest total 393-484$/month."

Bottom line, the real question is...

We don't have a product yet as we want to make sure we build something that solves a problem. 

We had some ups and downs on the project but we pulled it through and finally made it to the finish line. 

The advantage you have (hopefully) is that since these properties were purchased in the past, you could have significant equity and maybe very favorable financing lined up on them. 

I wouldn't mind doing the HML for that option, and lining up other exit strategies just in case.

Where I'm located the housing stock is predominantly quads and smaller... and its almost all converted SFH that are 100+ years old to boot (translated = rotted sewer lines, knob & tube electric, lead paint, asbestos siding & pipe wrap)... all the things that say OPPORTUNITY... and I've been missing it for over a year!

You'll be paying at least 5-6% not the 2.5% you have on your sheet (unless you are an agent also and will only have to pay the buyers agent)Again...bottom line not enough details here...you chould make $35k or you could lose $15k with these number.

I learned to not be so friendly and more firm by drawing a line in the center.

Greg:    First, do not get discouraged by anyone, someone else is doing it so you can, not going to be easy.If not done already I suggest to look into this:Enforce that PM uses a great website for rental screening, ones with a background check and choose the best tenants possible.Review you leases to close any pitfalls and enforce the lease to the T.Keep the units in good shape and keep extra cash reserves ( fixing + trip expenses )Tiger than normal lookup on the PM ( have second PM line up ), vacancies, unit showing costs, repairs, fees, etc,  require a once a week normal operations report and a once a month full operations report.Family, friend on virtual assistant that regularly drive by the property and reports to you, or if cash flow allows and deem beneficial you can install security cameras and remote view activity on the property, nowadays there are lots of options.Check if feasible to get a home warranty plan for the units so some pain issues are self-managed by the tenant via a phone call to the warranting companyIn which city/state is the property?