Shazam you will go from unreliable employee to entrepreneur independent contractor overnight!

On the left side of the doc are tasks/areas you should create specific systems around to delegate to VA's employees to free up your time to handle the right side of the sheet.  

My wife is a salaried employee, so that is obviously always w2 income reported. 

To qualify "higher risk " tenants, we would ask for a double deposit, income needed to be 3-4 times the gross rent and the tenant had to show a verifiable good rental history for the past 4 years.

. $130k with a gross income of $2050.

But should this be NET or GROSS income?

Fixed percentage per month which is now 8% for having more than 10 houses; 75% of gross first month's rent; 15.9% mark up on service; $200 annual admin fee (one for whole portfolio); $175 for renewing 1 year lease or $225 for renewing 2 year lease.The 75% seems high for Memphis and the $200 admin fee is bothersome to me.They keep all late fees paid by tenant. 

And these employees put so much effort into doing their best, not only for our investors but for each other.

After doing some hefty learning for the past several months I am failing to understand the described below scenario: If I buy a multifamily property at 600k with 20% down and finance the rest at say 6%..after running numbers my cap rate comes out to about 8% and cash on cash return at about 43% (its 12 units at approx 575 monthly rent income, and the report shows 30k a year in expenses and 80k in gross.

It sounds like you've realized a lot of opportunity with this park, I looking forward to hearing the results once you get it turned around.As far as the licensing requirement for the property manager in Indiana, the state does provide an exemption to the licensing requirement for a full-time, salaried employees of the owner or lessor the real estate in question.