As for 3rd party property management in the Twin Cities, I have a couple contacts for you when you get to that stage, so feel free to message me for more details.

Generally required information may include: Applicant on-time for showing appointment Positive Government Issued ID Fully completed application for every occupant 18 years and older Applicant(s) able to pay complete deposit and rent deposit at time of lease signing Proof of adequate income which could include any of the following: Most recent paycheck stub Tax return copies for self-employed applicants Copies of deposit slips, investment earnings documents or Social Security earnings for retired applicants Any additional sources of income, ie child or spousal support, trust fund incomeIncome, Credit and Employment information required may include: Proof of verifiable employment and / or verifiable source of income Adequate gross income to rent ratio (2.5 to 3 times income to rent) No excessive debt which may impact applicant(s) ability to pay rent Good credit history free of negative credit issues which may indicate an applicant is high-risk and / or indicates a patternof payment delinquencyCourt Records: History of criminal activity (arrests and / or convictions by any occupant, adult or minor) which could negatively affect tenancyRental history information required may include: If applicant has prior rental experience, good references from prior landlord(s) No prior evictions on applicant(s) recordState dependent:ADVERSE ACTION NOTICE REQUIRED WHEN DENYING OR OFFERING CONDITIONAL TENANCY TO APPLICANTNote: In the event an applicant is denied tenancy, or any other form of adverse action is taken against the applicant including requiring an additional deposit, a qualified guarantor, last month’s rent, or increased monthly rent, the landlord is required to provide an Adverse ActionNotice.

Yes this is the only bank we have approached but are now locked in since we are in the final stages of approval and they just sprung this on us.

@David D'Ambrosio ,  If your fear is losing the second property and having excess 1031 funds left that are taxable you may want to consider using all of the 1031 proceeds in the first purchase.

(or both :)I'm in the beginning stages of RE investing and want to set things up as strategically as possible on the front end.

If you spread yourself so thin that you do not have any reserves or excess cash flow, you are risking not only all of your investment properties but also your personal residence as well.

IE sale subject to my partners approval.. excessive Due diligence periods IE 60 and 90 days.. 100 dollar EM all of that to me just screams of Bush league. 

@Ned Carey I have noticed homes in various stages from abandoned homes to rehabs.

I have 3 MFR's in an LLC- one main chkng acct for all of the ins and outs, one acct for the security deposits, one acct where I self escrow taxes and insurance monthly for all of the properties, and one linked personal acct where I sweep excess cash so as to get it out of the LLC where it is more vulnerable to lawsuits from my business activities.

We now own 9 rentals, have flipped 4 homes, flipped I don't know how many mobiles, and own a real estate brokerage.We are in the early stages of working with a local fellow BP member who is close to your situation, 15-20k of capitol.