I think this is probably the best bet@George Skidis thanks, I will look into Legalshield 

We collect a percentage based on total income so if we collect $50 late fee and this client has a 10% management fee we keep $5 and the owner gets $45.  

4.6% is a great rate 9n a commercial property so I'm not sure I would mess with that unless you could get a long term, fixed rate loan.Cost of capital will be huge I bet. 

These are fixed expenses.Then take your total income less your fixed & variable expenses:$2200 - Monthly Rent(220) - Capital Expense (roof, etc.)(220) - Property Management Fee (you could do it yourself)(110) - 5% Vacancy (money set aside each month to cover future vacancy)(110) - 5% routine/emergency maintenance(150) - Water/Sewer/Trash (I pay ~300 every other month in Tacoma)(1600) - Mortgage (hopefully includes PITI)(210) - Negative Cash Flow/month.... 

My husband and I own a 2 BD 2 BA luxury condo in a gentrified area in the suburbs of Washington, DC near a metro station.Our costs for our condo will be $2100/month- mortage is a 15 year mortgage at 1.5% interest, HOA/Utilites payments are $500 a month, property manager (a friend) will be $100/month for a total of $2100.

If that's the case, I don't think it's a bad value (if it's total rent, and you are only going to get half as rent income by living yourself, then i don't think it's a good deal at all). 

But, an LLC will not limit you from liability in total.

I recently bought a property June 1st for 35k the closing was 1,650$ total but that was a cash sale .

The layout in the property appraiser website shows the total area of the home (the rooms are not divided).

Totally lost here