I properly allocate a percentage of the overall rent to expenses like CapEx, vacancy etc, but on top of that, how much should you have set aside in order to sufficiently cover any unexpected expenses.

The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.7.

It is likely that the backyard would need some grading so that water drains properly. 

My biggest concern with what you are describing is whether the restoration work was done properly, however I'm not getting enough information from what is here.

I needed some outside input to get things into proper perspective. 

Some never got registered properly and still dealing with that.

You can't just take funds from passive investors and give them equity, you have to go through all of the steps to properly syndicate. 

Proper is VERY expensive in this market.

I think it is a real mistake for those lacking full time investing knowledge, experience and skills to pursue a strategy reliant on an ability to time the market, or analyze proper property valuation.

Account ClosedEach LLC/legal entity will require a separate bank account and proper books/recordsManagement company - collects rents, pays for repairs, remits payments to holding LLC'stax returns - the entities will require a separate filing if they are not single member LLC's or if you elect a single member LLC to be taxed as a corporation.