I understand about all the commitments which would be required of me to obtain and then maintain my license.

Gotta feel more macho :)@Galen Bricker - I make a total of $500-$700 per month for 24 units, but I split that 50/50 with a laundry servicing company that provides and maintains the machines.

That is why you want a separate entity for each property, with good business liability insurance and corp. or LLC records properly maintained so they can’t ‘pierce’ the corp veil and get to your personal assets, which, incidentally, should be held in a trust also, unless you want to make it easy for anyone to know what you have.

I drive a 2006 Honda Civic that I keep garaged and well maintained.  

But I do see the argument for maintaining higher payments and accumulating principal faster.

I think if you did a "bang-up" job with managing the property for the current tenant and the tenant maintains a nice, clean place and is cooperative, you can pull off showing while occupied.

Unfortunately, at some point in the future they might decide to close down the pool because maintaining them cost a lot of money, not including cost to repair.

Most importantly, maintaining subcontractor relationships and developing and sticking to a critical path schedule.

I calculate the operating expense ratios at around 39% (the property very well maintained - but maybe this is too low). 

The notebook also includes information I've gathered over the years about how to maintain/repair appliances and an appliance maintenance log.