Property management activities that involve general administration, like contracting for property maintenance (garbage pick-up, etc.) and paying general expenses (utilities, etc.), do NOT require a real estate license.

I grew up in Coal Center PA in an area where it seemed like everyone's parents had black lung disease.

Steve, you're right, longer redemption periods increase the pain at the end.

How much should I try to make to offset the pain of the HOA?

A lease option after an installment purchase does the same thing and has less pain at the end buyer's side.

Administratively.

I hadn't through about ceiling fans being a pain in the butt.Showerhead and sink sprayers are a huge remove item.

Or when I spend 10 minutes paying the administrators fees and doing asset purchase agreements for the administrator those are reasonable tasks to perform and don't actually add value to the plan but are required for administration

Painful but 5 a day doesnt hurt too much imo.

Additionally, setting up a security is expensive and an administrative burden.