It's essential to keep detailed records of income and expenses for each property separately to ensure accurate reporting.

Also in addition to what @Lucas Carl said, have you looked into licensing requirements to be a PM for someone else?

If you'd like any additional information please let me know.  

Explore the site some more, there are many articles, podcasts, etc. that can fill you in on every detail.

I wish you luck.Thank you very much for the response and detailed response at that.

I would advise your nephew to also carry good insurance for his car (liability), in addition to an umbrella policy.

The financial adviser that is establishing our lines of credit is charging 8% of the line of credit up front, with no additional payout to him thereafter.

-always plan for unexpected expenses-attention to detail can emensly increase ARV.

Able to get the seller to agreed to knock down another $10g, in addition to the repairs and inspection fees.

- Management fee percentage and what that typically includes (my company seems to charge a cleaning fee separate from their management fee, which I hadn't realized)- Additional monthly expenses (my company charged $200+ for a fire extinguisher inspection?)