The current owner does not live in the area and is not involved with the operation of the building other than working with a local pseudo property manager.

But I like the idea of interviewing your PM to try to get an idea of how they operate and what their philosophies are.My best friend is a retired police officer who started his own property management company.

reviews and will not ping you in general if we have that or similar).SUPER EXTRA BONUS HINT: You already moved those down payment funds from your "business" checking account into your "personal" checking account 3+ months ago, so I'm not going to have to ask your CPA to write a letter "promising" that the use of "business" funds for your down payment will not impact your business operations (mini hint: no reputable CPA is going to write that letter FYI, see above about insurance...).Your self-prepared ("stated income") 2019 YTD P&L shows that you're doing even better than you were in 2018 or 2017.If you did ALL of the above including the super extra bonus hint: Then I'm over 60% sure that your 2018 taxes will be the ONLY basis of your income calculation, assuming of course an above-average competence lender local to the state where you are buying real estate.

For example, give yourself 30 minutes in the evening after the kids are in bed and the house is cleaned (ie dishwasher is going, load of laundry in the machine).

They will have normal operating expenses, but they should also have a reserve fund for repairs. 

Does this amount paid to decrease mortgage consider against capital or against operation profit?

It just has to be operable with a low amount of work & additional funds required for you to stabilize. 

The 25% down payment is no problem for a conventional loan, but until it is occupied and operating well, I wanted to reach out to the BP Community to see what other expenses I need to account for right from the start until it's occupied.

I'm not a lawyer or an expert in asset protection so we'll just say that we're officially out of my depth on that topic :)It sounds like you've done very well so far, why not just keep doing what you've been doing, while leveraging experts to improve your business operations?

Reduces your availability on your credit profile and increases your debt load.