Commercial rates are lower for a user than an investor.

As like you said it gets very expensive and seems like an accounting nightmare. 

I will be moving out of state and I will be bringing on a PM company.After running the numbers, I would be facing negative cash flow every month after accounting for all the expenses (Annually about $1,000 - and that's the rosy estimate)  Is it worth it? 

Collect her rent payments and gift it back to her for tuition or other expenses while avoiding taxation.It would be worth talking to a CPA to see how to position yourself best while protecting yourself and teaching your daughter to live like an adult.

• Purchased directly from a mom-and-pop operator off-market• Secured $1M credit union loan and raised $500K equity to close• Existing owner had inflated expenses and below market rents• In-place rents approximately 30% under market at purchase• Expense ratio at least 10% above the norm How did you find this deal and how did you negotiate it?

We have owned these properties from 5-10 years and some will be needing some larger expense repairs.

On a 70% LTV.  3% on 70% or 2.1% less expenses across the board.  

You report your total revenue from all sources and then deduct your cleaning expenses for income tax reporting.

Florida would be an exception because it's much lower crime, low taxes, business friendly, Landlord friendly, etc.

(They concentrate/force the equity into their class B shares 13/18 million so they get 72% of the future capital appreciation at the higher 30% cut, versus 5/18mil at the lower 20% rate) They also seem to be overpaying in this downward trending multi-family environment.