@Joe Splitrock thanks so much for your response!

It depends entirely on how you manage your property, how often you inspect and whether you hold tenants responsible for damage during their lease.

I submitted the check after their office hours and she made me sign a  holding deposit form which says I will be responsible to pay prorated rent for the time period they hold the apartment for me (max of 2 weeks, March 26th).My application was approved the next day but there were conflicts regarding some of the advertised amenties ( microwave and clubhouse) which they decided to dishonor saying the condition is as it was shown.

@Patty PuckettYou should have the 1099 corrected otherwise the IRS will expect you to report that income on your personal return.The responsible party should be your IRA, i.e Patty Pucket IRA. 

If you decide to go this route get a good lease specifying what he will be responsible for doing and how much the rent will be.

In response to your question about a purchase with an initial cap of ~5% equating to a great long term investment - equity growth potential is certainly part of it, but I’d argue that the propensity for consistently increasing rental rates and the stability of the overall rental market are an even bigger piece of that puzzle.I can’t really give you a definitive opinion on your specific situation without knowing more about the current make-up of your portfolio or your goals for passive income.With that said,  there are absolutely  methods to reposition equity in high growth potential properties to more income-centric opportunities within our market. 

Certain core activities/responsibilities such as lead generation, follow-ups, tracking conversion rates, etc. are very similar for agents and investors alike.

Thanks for the responses guys!

HI Michaela,Thank you for the response!

(Before anyone suggests using my own tenants, these are small multifamily buildings and in NYS snow removal is a "non delegable responsibility", so when they don't do it - I am on the hook.