You have to pay capital gains regardless of whether you had a mortgage once you sell unless you do a 1031 exchange in which case the process starts itself over and you don't have to pay capital gains tax unless you sell and don't 1031. 

Then I have a solid baseline to start the rehab.  

Multi family on the very low end will start around 400 for a big project.  

I want to branch off from being an employee to starting my own portfolio of residential managed properties.

They aren't financially responsible if things don't get fixed etc.In my area many out of state landlords designate a local partner, handyman, etc as being their "agent" for purposes of this requirement.If there is a serious issue with the property, I guess there can be no excuse for the agent not to come to the property quickly to at least evaluate and start to address it unlike someone out of state.

Is an email with all this information the best way to start? 

.- Mountain views- Onsite fishing/waterfront- Game room/arcade- Wood burning fireplace- Access to pool/swimming- Hot tub- Outdoor firepitIf you have a great mountain view or are waterfront, you are definitely starting out on 2nd base.  

When will they start charging the management fee?

There is no way I recommend selling unless the HOA starts being too restrictive. 

Yesterday, I posted about 5 tips for new investors and multiple comments were to go more in-depth so I will start with my first tip, Every Market has deals.I will give a few examples:In 2023, I bought four Mobile Home Parks.