There are consulting companies who do this (for a fee) and i can also share some contacts if you need some. 

@Andreas Mathews admirable, but make sure you do some research so you understand what a PM can make.Starting your own PMC business will require 75-150 doors to make a decent living, depending on gross rents and your fee structre.Working for a SFR PMC as a PM, will require a RE license and you usually get paid a percentage of the gross rents the portfolio of owners/properties you manage generates.

Your policy may also cover soft costs like permit fees and legal expenses caused by delays.

I would also make tenants start paying water, as soon as their lease renewal comes up, with a flat monthly fee.

I'm confident in the value that Pace is creating and what the Subto Community is delivering every day.Pace Morby shows you how to max out your credit cards and get new credit to pay the $8,800 fee he charges.

Also, this would only remove the mortgage debt itself from your DTI if it was to work; you would still be hit with a liability for the annual taxes, insurance, and HOA fees (but also receive the benefit of the rental income).

Also, keep in mind that an IN multi member LLC would require a separate tax return, so you would want to budget for extra admin fees.

A follow up question I now have would be do you think its smarter to completely pay off the first property before buying a new property or to keep going out and buying new properties once i have enough saved up for the down payment along with extra fees?

.- You will have to come out of pocket for the arears, fees etc, just to get into "contract" some times $20k or more and all you have as protection is the word of someone who's proven to be unreliable and a signed piece of paper... 

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?