HI @Jay Porras I just formed my first LLC in NV, its very easy and inexpensive and your state probably has something similar.

Id be more concerned with renters not being able to pay their rent especially in cashflow areas where rents are low and homes are relatively inexpensive.

Each payment in or out is $0.50, so even with 50 Units, you would hit $200 a month fairly quickly with accepting auto payment, pay water bill, pay insurance, pay lowes credit card...That would cost $2.00 a month getting you above the $200 Minimum that Appfolio charges.I'm afraid of the free or very inexpensive software because I hold accounting to be extremely important to my company. 

The properties are relatively inexpensive and provide cash flow plus appreciation.  

But, this was not inexpensive so it going through the effort and cost, I'd still prefer to make it more automated. 

She has an inexpensive legal solution for those raising smaller amounts of capital.

Though I assure them that it is ok to start small, minor fixers to flip, or buy inexpensive properties to hold for a market upturn, most are still hesitant to enter the market.

If you broke down the $56,000 in expenses, we could have a lot better idea of the quality of the deal.If everything lines up, good luck!

If you go with inexpensive labor, be prepared to supervise a lot and be on the job every day.

I have really liked Michael's approach and have learned a lot from his free and inexpensive info.