Carmen Falcone start with doing the PM yourself so that you get a good appreciation for it, but include the PM numbers in your budget so that you can always elect to have one in the future.

Or does this include insurance and taxes for the year.

I've been an accredited investor for many years now, and invested in many deals, including some angel investments in startup companies.  

From the Landlord association, I've heard that if this passes for Independence, other cities around Kansas City including Blue Springs and Lee's Summit would be soon to follow...

However it will not include their off market deals of which most top agents have some.

You hint 'I wouldn't live there' -- GREAT RULE for success IMO -- I use that rule of thumb for everything I did with REI, including the maintenance. 

There are a lot of great resources here including the podcasts and I believe there are a few free books as well (including the Bigger Pockets Ultimate Beginner's Guide).

Still including the rental price of the 3 units as if they were all rented. 2 for $700 and 1 for $1250 a month.  

My previous experience includes working with Citibank and interning with NAI commercial real estate services in San Francisco. 

Items needed include:  new HVAC (current was installed in 2003), new water heater (the house has two, one is new, and the other was made in 1998), significant bathroom repairs/remodels in both bathrooms to re-do unskilled labor, window replacement to re-do unskilled labor, destruction of the garage and rebuilding the roof to be without the garage, destruction of a cinder block wall that was supposed to be used with the garage, finishing the driveway that was half-completed, fixing plumbing violations, new flooring and paint in the entire 2000 sq ft house, updating tax records with number of rooms and bedrooms, and some cosmetic updates.I initially offered $90-95k range, and said I would present a final offer upon review of the repairs.