Since you are splitting up your property books, (your property manager doing part and you doing part) it will be a little messy and require adjustments at the end of the year.

Like, they didn't clean the home or change their bed sheets for months type of mess. I

We are now closing in on a year since the original purchase, and the thing is still a mess... I

But there is hope... if you drive through the 4th ward area, you can clearly tell which properties are owned (single family homes with kept lawns and neatly decorated) and which properties are rentals (usually a broken window or two, falling apart porches, messy yards)... the closer to the single family-dense parts in the 4th ward, the better chance you have of getting a rental property that hasn't been laid to waste that you can purchase for a fairly cheap price. 

We still adhere to the state laws around deadlines to return security deposits and what we have to do to close out a deposit, but if it got messy it could get messy.We have also been told by our sister company in Denver that this does not work with anyone receiveing a housing voucher/subsidy, which we have also been unable to confirm in our local market including directly with our local housing authority.

Have you had to navigate a lawsuit, HUD complaints, messy evictions, etc?

there are 2 out of the 70 we have built that are going thorugh deteroration currently one you can tell from the outside.. the other I was in it the other day and the people are insanely messy.. hardwood floors ruined in less than 3 years just sad.. outside you would not know it.. but when they go to sell there will need to be a full gut remodel no doubt. 

Also, I had to set it up with real estate specific categories and I'm not an account / bookkeeper so this go really messy. 

The deals are messy, agents need a lot more knowledge (like construction cost) - but the commissions are small.

I love this model as an operator, but for what it’s worth, we’ve looked into purchasing campgrounds with this setup before and it gets very messy very quickly.