In the past we've used a property manager, but this will be the first time that we are managing our property and having to go though the process of acquiring a new tenant.  

It isn't a ton of extra work for us to manage an IRA vs regular investor, but eliminating government-mandated paperwork (that adds no value) is a win.

If you can figure out how to get a quality asset and manage the risk you can do great. 

You can try to use that as a basis and extrapolate out to your project. 

I’ve heard that newer versions of QuickBooks Desktop now operate on a yearly subscription basis, but I prefer a one-time purchase if possible.Has anyone successfully purchased QuickBooks Desktop Pro recently and managed to use it without having to renew a subscription?

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

I've been going through "The Multifamily Millionaire:  Volume 2" and in Chapter 13, they talk about property management ranging from 4-6%, on top of on site management that is on the owner's payroll, separate from property management, and that you should budget about 1 staff member for every 40 units.If you (the owner) are already paying a property management firm, why do you have to have on-site management separate from the PM? 

My previous LTR were professionally managed and Im trying to do it myself this time.Questions: What kind of application do you have them fill out?

They have the ability to create projections for any property you have an interest in.

It is not that bad of a do it yourself project.