Of course, your setup cost is not just purchase price, but also all the furnitureI would talk with vacation rental companies about this, as I imagine there are a lot available to you.  

With my clients I set up plans to reach their goals financially and then work with other likeminded realtors to help make it happen.

City road ends at park entrance.Considering the land price, infrastructure setup cost each lot cost was coming around $7300 which was very attractive even though most of the houses on them were old and needed good repairs.All other lots except the 59 were in considerable good condition and our due diligence showed that whole park value is going down due to these 59 lots mismanagement for 40 years.As per owner rent collections were around $7200 per month and most of the tenants were very long term (average rent $400 per home) which he receives in cash so bank rolls available to validate.As per our estimate, each house needed 7k to 8k repair to make it livable.Negatives:These homes/lots were owned by same owner for 40 years and he neglected everything which includes tenant quality, infrastructure (such as overgrown trees, bad homes still in the park which should have been removed years back, 3ft- 4ft potholes on the road since its privately owned).Most of the tenants were convicted or had some big felony, these houses were famous for drugs cartels in whole city.After buying we realized things were way worse than what we assumed in due diligence:People staying there actually were involved in gang wars, prostitution, drugs etc.

Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

You can then run your reports according to property or the entire portfolio.There is a bit of a learning curve, so you may want to check out some tutorial videos or hire a firm to set up the account and help with support.

If he is a limited partner, you have created a security and need to set up a PPM. 

@Paul Lowder Great set up so far, and you're right, that 15% down for a duplex is pretty standard for a conventional loan. 

If buying - selling homes in Arizona (wholesaling - flix & flip) do I need to set up an LLC to do so. 

@BJ MarshallYou don't need a tax attorney to set up an LLC.

You have to really be set up to do section 8 from an administrative stand point which I think is one of the main problems most mom and pop owners run into.