Overall, this is a popular strategy in the Midwest for converting large old homes into multifamily units.

AND it works other wise they would not keep doing it.so A true private lender is someone you personally know or have met who has money in their IRA or other cash but lending is not their business they just make a few loans a year to those close to them. 

I plan to do this next year. right now I am trying to find a mentor.

I could not live or rent my apartment for 5 years due to mold issue caused by the building.

A short back story is a long term friend and co worker and I have been talking for a year about getting in to rentals (his parents own 12).

This is lengthy, but I'm trying to provide as much detail as possible for anyone kind enough to provide feedback.I bought a condo 3 years ago but now need to move for work.Would appreciate feedback/thoughts on next steps on Sell vs Rental approach.Looking at the very high monthly exp/rev ratio, it seems I should sell, but want to make sure I'm exploring all options.

Minor cosmetic and efficiency upgrades over four and a half years.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Is SFR still working or have you had to change strategies in the past year

I called WF and they said for business account I need a registered business like LLC etc which I do not have.I would go a step further and set up 1 Bank account for each property, this way at the end of the year you can go through each properties bank accounts to see what the income and expenses were.