Once a quarter to do a drive by and change the tenant's air filter should suffice.

But providing functional living quarters, including the ability to cook food, is a basic responsibility of a landlord.As you get new tenants, include in their leases language about how appliances are provided as a convenience but you are not responsible for them (this is ONLY for appliances you are not required by law to provide; lease language will NOT relieve you of a legal obligation.)  

Good luck  either way.Nationwide, the average gross profit for flips in the first quarter was $72,450, the highest since the firm began tracking flips in 2011. 30TWEET 16LINKEDIN 2COMMENTEMAILMOREDetroit is among the top five areas for returns on home flipping, a sign that there are not enough move-in ready or newly constructed homes for buyers, according to a report from RealtyTrac.Nationwide, the average gross profit for flips in the first quarter was $72,450, the highest since the firm began tracking flips in 2011."

I also want to continue to learn about the world of real estate and have the goal to do my first deal by the first quarter of 2017.

You will then want to sit down with a CPA/EA and do tax planning / make quarterly payments to ensure that you don't end up owing a ton at year end.

You hear constantly about this being a negative in apartment complexes, but those tenants don't have shared living quarters. 

The Heloc gives me access to my equity and my properties rental income will pay down the Heloc, alongside with the quarterly distributions being paid out of the syndication.  

The Partnership LLC would then issue K1s to each S-Corp quarterly as needed.To acquire another property, both S-Corps capitalize the Partnership LLC, the Partnership LLC acquires the property and the process is started over again.Then what each of you can do is take a reasonable Salary from your S-Corps, form a sponsored 401k for each S-Corp and deposit the max allowed per the plan with company sponsored funds and what ever is left take as a dividend which will save you both on your taxes.It's always a good problem to have...but draw out a plan with the proper professionals and have a strong book keeper who also does payroll to assist you.Good for you both!

About half of that is focused on finding new deals, about a quarter is focused on rehabs that are underway, and about a quarter is focused on selling completed projects.

Include a pet addendum and do quarterly inspections.