My husband and I are partnering with a couple to flip a property.

. - Self managing a couple units is a great way to learn the business.Property Management Software - check out something like Cozy.co - it helps you list/market your units for rent, lets prospective tenants apply online and does background & credit checks, then once you place a tenant they can pay online along with submit maintenance requests.

Here are my best three bullets worth of advice:Get and review client references - Talk to the last couple of investors they sold a deal.

Just a couple of clarifications:1.

We are now going to partner with another couple and not sure if we should do another LLC and file S-Corp or if there is an easier (least expensive/tax advantageous) way to structure this deal.

I own a couple of laundromats and would be willing to talk with you about them if you’d like.

This is a retired couple and I'd like to help but I need to make a profit.Some notes: Somehow right at the top of the bubble they refi'd to around $110k which is why they are so upside-down. 

I'm starting a rehab in Cartersville GA this week and will need some help for 3 days a week for the next couple of weeks or so.  

HUD issued guidance about this very thing a couple years ago.

I'm going to be a bit of a contrarian to the above posters, but let me first qualify my post by stating that your market will determine what you should do.We frequently install en-suite laundry in our units - in fact, we have removed common coin-op laundry in most buildings of 6-units or less in favour of en-suite laundry - for the following reasons:electricity and, in most cases, hot water costs are transferred to the tenant;where water is sub-metered, water costs are transferred to the tenant;high-efficency residential laundry machines are about half the capital costs of commercial coin-operated machines;we can command $30 - $50/month in additional rent with en-suite laundry;by installing our own machines, we know they are installed property, with catch/drain pans and {going forward} leak detect shutoffs; andwith en-suite laundry vandalism of laundry machines has been non-existant ... and if a machine is damaged, we know who is responsible.We have a good rapport with a couple of local appliance suppliers and get called whenever they have "dinged and scratched" units to unload ... a small, cosmetic dent in the side of a washer - which will never be seen when it is installed in a laundry closet - can be worth a 40 - 50% discount.