This was a good exercise in finding CORRECT info on the property and learning how the tax calculations are performed.

While they often overlap, they're not mutually exclusive.While we've performed both in the Grand Rapids area, we lean heavily on sources we can pull automatically rather than having to manually drive as it saves time.

We work with some banks that require a 12 month seasoning period, meaning that the property has been rented and performing for the last 12 months. 

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

lol  @Matthew Stallings and @Tim Schroeder As far as performance, we purchased one of my larger houses for $565K. 

The assumption has always been that rental income will be received in the form of fixed monthly rental payments.My thought is that a Cape Cod rental would perform better using a different rental strategy, or at the very least, other strategies should be considered.

However, I'm still unsure how to actually perform the math accurately, and efficiently.

Since it's performing well, I suspect that it's in a better class of neighborhood than the other two that are not doing well.

I neither have the time nor patience to 'teach' someone how to vet a performing or non-performing note.  

Should the amount on the 1099 just be for the income/compensation we paid directly to them (lease commissions, renewal fees, and management fees) or do we also include the amount of funds sent to them for contracting services performed through them?