Here's a couple of quick add-on questions:When figuring expenses or improvements on the rental, where do overall expenses and asset purchases go - the things not applicable to just that one property? 

Has anyone on here eve hired an asset or portfolio manager to manage their real estate portfolio to have true passive income.

Commercial lenders have a laundry list of "no-no's" for this asset class.

@Ashish AcharyaIf you believe there're no arguments on this forum, you clearly did not follow the recent, ahem, discussions about asset protection with certain highly opinionated attorneys involved. :) I was there, too.

Not a good place to do business.But.States are understandably not happy when people ask for the protection of the law (asset protection) but fail to follow it (register in state for a modest fee). 

When it is triple digits, a prudent landlord supplies window units/portables or puts them up in a hotel (or airbnb) for the night. 

I have a really good attorney who I use in PDX that wont charge you an arm and a legg and scare you into all sorts of unnecessary and complicated asset protection schemes.. basically you can vest in LLC  have an operating agreement ( that's your JV agreement) and a clear cut buy sell agreement .. pretty simple and standard stuff.. feel free to ping me off line..

I exchange/collateralize my income property at current market value for cash to another company called ABCTerms..ABC owns title of the property.Under the operating agreement of ABC I will be asset manager owning 50% cash flow and tiered getting less cash flow year after year.

And I think if you're buying a multi-family unit, it's a great idea for the first year, especially if you don't have the capital or business assets to cover a major expense.

I think his point was protecting personal assets.