Not an advocate of big gov, just do their jobs efficiently and enforce the rules evenly.     

We lived in HOA and needed to pay several hundred to send out hoa disclosure package send a certification to buyer that property was in line with all hoa rules, another expense I forgot about. 

I plan on doing the following: 1.PM will pay 50% of standard rent but will identify duties he has to do for 50%. 2.Develop Property Manager Agreement for emergency and routine repairs and come to terms on compensation.

In regard to the $900 price, it sounds reasonable if you had 50 units - maybe, I don't know.... if you cant afford the time then its a cost you have to include. 

., we do the renovations and once the property is sold the profit would be split 50-50.

Plan on say buying 10 acres WITH CASH( partnership) THEN USING THAT LAND AS LEVERAGE TO FINANCE PHASE 1: 2 ACRES: 40-50 APT...Once phase 1 completed and generating cash flow, how easy is it to refinance it and remove equity for phase 2 loan?

@Michael Newman regarding your question about how much reserves you should have, a good rule of thumb would be $5k per property.

lets say they have 1000 doors and like most then they are dealing with 25 to 50 turnovers a month.. so there you have that many emails  plus normal e mails coming in..

I will have to look into going to the foreclosure auction, thank you Marcus.depending on area investors kind of shoot for that 1% rule so that would put market value with 950 rent at 95 or so minus repairs.. at least what I have seen in parts of FLA maybe that area landlords will pay more.

If your pet rent was $50 a month, you saved him $1,800 over the past three years and he's repaid you by moving in a second pet!