Different rooming house clientele require different management skill sets.In this situation where the rooming house is located in the same building, the clientele of your rooming house will govern the clientele of your apartments.If the commercial client(s) have a net lease and are paying for their own maintenance, $9K/year might be about right.

Improve your marketing, negotiation skills, business acumen, and people skills.  

I suggest you consider two attorneys, one better skilled in real estate contract law, corporate law, estate planning awareness, another who hammers out evictions and takes care of routine matters.

IE there is none  LOL.. so you have some folks that will do well but they would do well at whatever they choose and then you have the dreamers.. those that want it dream it but don't have the skill sets ,, the plain smarts etc to ever do anything in RE takes a lot of stars aligning to be successful at this.If your married you need your spouse 2000 % on board with your all emcompassing new job.. etc etc

It's harder than you think, money isn't the answer, skill, local knowledge and timing play a part that will be hard to do from Wall Street. 

You make it sound so easy, we know it takes some wisdom and skill.

Because seriously how can knowing that you have the skills and knowledge that not a lot of people have to close a money making deal not get you excited and your adrenalin pumping.

I am a skilled tradesman in the automotive industry but I have decided to go after what I always wanted and that is a career in real estate.

I'm currently investing in Prince Georges county in Maryland and in Washington, DC. where there are no shortage of opportunities. 

Looking for better skills and strategies for property investments and income generating options.