The first is a two family complete gut and replace and the second is a single family home the requires a less extensive rehab but still some major items.

Action items are easy.It is the planning and setting things up is 80% of the time.

Some items such as your risk exposure, comfort with risk, wealth may play a role if you get an LLC or not.

If you did an inspection on it, some of those should have come out but you should look at the bigger items (roof, furnace, flooring, bathroom, kitchen) and see if those are in fair condition, at least to get you started.

My partner and I are planning to very thoroughly review all items in need of repair.

other items then in the closets in the rooms... 

Are there any items within the home that you'd suggest we provide that may be specific to a lake home? 

I look at every single item in the pro forma and imagine that it is complete BS, and see if I can challenge it.

Additionally under their maintenance portion:Owner is to pay Manager’s maintenance division $50/hr and $80/hr for HVAC plus 110% of purchased items or 110% of independent contractors fees for these services, repairs, and improvement from OWNER’S funds.I was mainly taken aback by the hourly rate of the maintenance division, the management company keeping all the late and additional fees, and the “110% of purchased items” portions of the contract.

Even if tenants owe CAM paying big ticket items you generally have to spread out over long periods of time.Do you have business sales numbers for the tenants ??