I plan to be raising the rents on them because they are currently paying about 40% under fair market rent.

Paying rent will force you to maintain a personal budget, it will ensure your property produces the income necessary to operate the property, it creates a savings for you as a landlord so you can prepare for the next investment, and it shows how the property performs as an investment in case you have to sell.You need two accounts: checking and savings.

Normally builder will pay cash for the lot like i do that their skin in the game..

I'm a licensed agent in both markets, licensed general contractor in columbus and soon to be miami, I travel to capital markets and the highest interest is in ground up construction and purchasing of entitled sites. 1 million is light for downtown but you can get 8-12 story sites for that that you can put high density on. phenomenal opportunities. best market in the country. you can sweat equity by doing the zoning meetings, helping on design, etc.

This has to be enough to pay off the old loan and your HELOC. 

If one house is your only income, you may not even have much to pay taxes on if you have a mortgage.

Sellers still owe 71k  which I have the funds to pay off but the catch is, they obtained the property with seller's financing.

Dealing with a tenant who isn't paying rent can be stressful, but it's a challenge many landlords face. 

People that use a manager would have no reason to come here and discuss how to do things because they're paying someone else to do them.

I am curious what expenses others pay through their property management LLC on behalf of their rental properties.