If I could do this for you, I'd be at 2.00 pts, borrower paid. 

On my credit report was an apartment complex where I broke the lease but paid all early term fees.

For tax purposes, the LLCs are disregarded entities, and all income and expenses are reported under the holding company. 

We're willing to kick a bit in each month but every multifamily we run has us paying close to full rent after insurance, taxes and expenses.

Don't forget Nazz Wang BP Episode 148 BiggerPockets Podcast 148: From 0 to 51 Units Despite Living in a Crazy Expensive Location with Nazz WangI also recommend @Dawn Anastasi's e-book on Milwaukee areas to start. 

If I were to manage it myself, and have an occupancy of equal to or less than 7 days on average, would I be able to take the expenses that I have incurred in fixing up the unit, furnishing it, and marketing it and write this off against my W2 income? 

You could save enough in taxes to offset all your living expenses. 

- we have a separate business bank account that we could receive payments from - we have tracked all renovation costs and expenses, though they were done personally and not through the business

- we have a separate business bank account that we could receive payments from - we have tracked all renovation costs and expenses, though they were done personally and not through the business

That really helps and isn't very expensive to do.