Kevin,I’m a long-time Baltimore investor as well as co-founder and president of a local real estate investment association (REIA).

If you plan right, rehab the property correctly and screen for the best tenants, you can make good money.I’m a long-time Baltimore investor as well as co-founder and president of a local real estate investment association (REIA).

Do not do turn-key rentals, property management co’s mostly suck.

As for my PM, no she didn't charge me anything outside of the placement fee to coordinate the facelift. 

Also if you have leveraged any of the city ordinance such as TOC to increase your density, your newly developed could also be subject under RSO and ELI/LI rent cap. 

Also, I will pay for repairs and all other expenses, and funnel rent payments through the LLC bank account as to not co-mingle funds. 

If it would, then I'd not cut off the nose to spite the face.In general the process of splitting the parcel successfully is going to depend on whether or not your parcel is large enough to be split and both of the resulting new lots meet the city's ordinances regarding lot size, road frontage, etc.  

I think it can be a great asset to your client base if you enjoy coordinating rehabs and managing people. 

Or is being a co-ower of the building enough?

I am unsure how they are going to determine someone's eligibility status and then coordinate the direct payment to the landlord.