Making sure that I make an educated decision (whether that is to hold em or fold em) is the reason I am here.

@Alison Rauch, I have also done this and I think its a fine and reasonable thing to do in many cases.I would consider a few things before doing it.

One expects better than inflation appreciation and reasonable cash flow.

For example, in California, the law (California Civil Code 1950.5) says landlords CAN charge a “reasonable hourly rate” for their labor. 

The reason for the threshold is so that you protect the tenants from being too optimistic and wanting to rent a place that they cannot really afford. 

is there a reason for it in multi family?

I personally don't do partnerships for this very reason.

The house came with a grandfathered short-term rental license, which was the only reason we jumped at it.

That is not uncommon when paying something online there is usually a "service fee" for just that reason.

They will spell out what they need to see in the deal and your personal finances in order to make it happen.If for some reason you dont have the cash reserves the banks like to see to do multifamily, then go do some flips to generate some cash!