You also have to pay for the extras (internet, cable, utilities) as well as furniture, dishes and linens.

When purchasing a property without permitted work, I make sure to do extra due diligence on the work during my inspection period. 

As such, your investment will only be risked up to your capital contribution.You normally will not increase your risk unless you guarantee a note or increase your responsibilities to that of a managing member or general partner.Creating an extra LLC may provide some 'anonymity" 

That we can can target either, but then it's an extra bed to worry about.

It's not required to have a buyer's agent but it won't cost you anything extra and will save you a lot of time and headache, starting with the ins and outs of making an offer.

If it's less than that, and only an issue with the kitchen, then you wind up with extra padding in your numbers that works in your favor.  

I have extra money saved in case if for some reason the property becomes vacant.

Some say that the benefits of this is that it gives you an extra layer of protection, anonymity (if you have the holding LLC in a state like Delaware) and additional ease in transferring money between the LLCs.

My thought is that since I am already wanting to learn the in’s and outs of property management and really involving myself in real life experience, perhaps if I offered to take care of the whole property for him in terms of dealing with the downstairs tenants, scheduling repairs/maintenance, and keeping up the properties landscaping so that the investor can remain more hands off he might be willing to give us a break on the rent so that we can save even just a little bit extra each month.

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.