I held a small portfolio of rentals that had significant equity and I also began to see my cashflow be eaten up CAPEX and unit turns.

Being a member of NARPM means they are held to a higher standard, so that is a start (not a end all be all) after that I would agree look at other properties they manage, look at their reviews, and ask a ton of questions on how a certain scenarios are dealt with.

The smaller properties can be refinanced at some point or simply held free and clear for cash flow. 

@Chris Seveney - I think you are confused, with rental income and an LLC there is no W-2, there is no "salary", there is not a difference between an owner draw vs another other distribution of income@Wayne Brooks is right, you do not pay self employment tax on any rental income held in your personal name or LLC.  

Landlord shall attempt to have Tenant's house ready on the date stipulated on this lease but cannot be held liable for failure to do so.

Instead of just looking at a single family that could either be flipped or held, I've now got 8 potential units that he is willing to part with all at once. 

@Brian GerlachAre the properties the extend the LOC to held in an LLC or personally?

By also doing management we cannot just collect a commission check and move on, if we give estimate of rental rates or rehab for the property we are held to it as we are managing.

Tenant shall be held responsible for water damage caused by overflowing toilets and/or drains.Take no action which would cause a cancellation or increase in Landlord’s fire or liability insurance.Obey all environmental laws and keep no toxic, inflammable or dangerous substances on the Premises.Prevent the accumulation or buildup of mold or mildew throughout the Premises by notifying Landlord immediately if any evidence of water leak or excessive moisture, mold or mildew appears.

In general, you get to carry this paper "lost" until you sell the property and reconcile all of the income and expenses while you held the property and estimate any tax liability.