Read the contract details, especially fees, eviction coverage, and maintenance info.

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.

Did Wells Fargo require you to provide any local address?

To see how you are with being a landlord again, then gradually scale from there. with the remaining cash on hand, you always have the option to pay it off whenever you'd like or keep it on hand for any repairs/ maintenance that comes with being a landlord.  

The best cash flow is usually in D+ areas where the buy price to rent price looks great, but that comes with deferred maintenance and tenant issues a lot of the time.

. $50 per apartment and $50 for 2 stairs and extra $50 for two passages $700.00I now know what is basically required to fix the units.

yes @Cody Rigby make sure you check out the licensing requirements for short-term rentals in the city of Portland.

Just routine maintenance.

Am I required to issue a 1099 to my friend for his labor?

Fast forward a few months, and they have non-paying tenants who are wrecking the place, and a MIA property manager who (understandably) won't put in the ENORMOUS amount of effort required to manage a property in a C or D area for a small-time client from another state.