We house hacked it and rented out an apt.That taught us how to become good Landlords through experience.From then on, we expanded our Portfolio to 10 buildings, 30 apts, 65 tenants in Brooklyn, NYC with an Asset value of about $20 Million.We could not have built the Portfolio without Partners.In regards to Liability, since you are House Hacking, research Home Insurance that includes Landlord Liability in addition to the normal insurance.As long as you get the appropriate Insurance, you'll be fine.I would advise you take your first House Hack to learn how to become a good Landlord, don't be negligent so you can avoid being sued (or at least minimize the chance of being sued), learn tenant screening REALLY, REALLY well (this is where beginners tend to fail and put in a terrible tenant), establish a separate Bank Account solely for the rental and build it up as a business.If you find yourself still motivated by next year, buy a 2nd one but this time, you will be much more experienced and knowledgeable.

Call property managers and ask how they charge for a property of your size and whether or not they will put someone on site.Once you have your NOI based on those calculations, look at sale comps to determine an appropriate cap rate.

That way they can't complain and if they run over thats on them.Make them get quotes on EXACTLY what they want, vett the quotes and the contractors and offer whatever sum of money towards the project you feel is appropriate.

Find a good renter (don't worry if that takes a month or two), take an appropriate deposit and slowly get rich.  

@Chelsea Griffin this is more of a financing forum and while you have some good responses so far I think this would be a little more appropriate in the "Starting Out" forum.  

Sounds like the seller's attorney is savvy and is properly and appropriately protecting the interests of his client.

We use classes for each property, and items for recording expenses to the appropriate CIP sub account. 

The 70% rule is not a rule at all, more appropriately it should be called the 70% guideline.

I am new to formatting the proper numbers in the appropriate location.

If a tenant reports an issue that they caused or that does not exist then it is appropriate to pass the cost on to them.