This house is only worth what comparable sales say it is worth.This is how it will be appraised.

If you are from the island, you will be familiar with the heir laws and why most properties sit vacant....family disputes. 

Additionally, managing series LLCs can be challenging, especially when it comes to opening bank accounts or handling titles for individual cells, which can create unnecessary complexity.

I will also be doing all the cosmetic things you can think of: paint, flooring, bathroom reno, kitchen reno, so I am open to carpenter or design suggestions.  

2) If not all of it, how much of it will be?

When a lease ends they’ll suggest new rents and if the tenant hold be offered a renewal. some will offer to transfer utilities for you when it goes vacant, all should handle the transfer when a tenant moves in  With 10 properties I don’t “talk” to my PM more than 2-3 times a year.

Any insight on how strictly that will be enforced?

This is useful information but much more useful would be a look at the pitfalls.

If rates decline, demand will increase, and competition for properties will rise.

That being said, you can do a lot bigger deals when employing others' money.