It might also help to take the pressure off yourself and know that you only have to have the 91k reinvested fast- the rest you can do more research and make different decisions.Somewhat unrelated, I am very excited about the book "Profit First" and using Mike M's method of organizing my RE income.

The most positive thing you should do is to learn how to save more, Partnership types and forming, raising funds that can help you make the down payments, and buying apartment complexes with at least 32 units so you van pay for property management to take care of the daily operations. 

I would be inclined to keep renting to them, but have several inspections per year to make sure things are getting worse and try to get them to clean up their act some and address the extra cat.You could make it a requirement that they clean up their mess (or at least organize it) before you will renew their lease.

As for the other tenant, we plan on having them sign our lease (they have been there for years, and are operating on a month-month status from the old owners lease) and also add that cost into their new lease with us.

Gm I am a looking to buy a mixed use building front has a no operational barbershop I am a barbershop owner.

FYI, I only operate in the state of Iowa.

What kind of services, operations, reports, bookkeeping is included in the PM fee? 

I create my operations manual and flow for all my processes with mind mapping. 

There is no one way and it depends also on how you choose to operate your business.Monthly rent...dependant on property, market drivenUtilities....specific to property and marketsinternet, cable....market drivenTenant or landlord costs.. market and landlord choice

It's another tool in your RE investing toolbox, and you need to learn how it complements the other tools you have and how to use it properly.Plus, you should separate your asset holding entity from the active operations/property management entity.