The more you do this the more about investing you'll learn and the more you'll better understand if you've picked the right strategy or if you want to pivot.I don't think this will be an issue for you, but also be sure to keep a healthy emergency fund in case things go wrong.

Here's very broadly what I'm thinking:Gross Monthly Cash Flow - $10,000After Tax Cash Flow - $8,500Housing Allowance - $2,000Health Insurance - $1,000Regular Expenses - $3,000Cushion for personal emergencies, rental catastrophes or reinvestment - $2,500So far, our 13 units brings us about 1/3 of the way there.  

See code below.IRC CodeSECTION R310 EMERGENCY ESCAPE AND RESCUE OPENINGSR310.1 Emergency escape and rescue opening required.Basements, habitable attics and every sleeping room shall have not less than one operable emergency escape and rescue opening.

○ Understanding how to be efficient will naturally push you into a rent collection system which is organizedOther items I recommend setting up before starting to manage:• Develop a list of handymen (electrician, plumber, HVAC, painter, etc)○ Go on yelp and find the top 10 in your area○ Call all of them, interview them, get a general quote○ Have their contact information ready to go BEFORE a problem happens• Produce a one sheet of contact information for your tenant○ Your contact information○ The utilities contact information○ General notes on the property○ Emergency infoTwo final tips:• Make sure you have the following in writing with your 'friends'○ Your management fee and how/when you will be paid○ What is expected of you as the management company○ What is expected of your 'friends' as the owners• Don't let your emotions cloud your business decisions○ My example above of letting someone get three months behind on rent○ They were an older couple, extremely nice, and easy to get along with. 

I have $10,000 that I was using as an emergency fund in case my W-2 job went south.

Non-emergency requests/questions by email only. 

While I understand no locks on a private bath as access for emergency plumbing issues is required, I totally understand bedroom privacy in a roommate situation.

Since you have a relationship with him, let him know that you are concerned about him and ask him for the name, phone number, and address of at least one emergency contact.

North Nashville is definitely one of the high emerging neighborhoods, it will still be a bit before it completely transforms, but that's the best time to get in!

Save every penny you can until you have adequate down payment and an emergency fund.