Owner Financing Terms: $120K Purchase Price$3K Down$117K Balance - Paid Over 25 Years$400/month note0% InterestNo Pre-Payment Penalty - Actually 10% Deduction of Balance to Pay Off at 15yearsUnit A:Current Rent - $650Monthly Expenses: Note: 200Taxes: 28.71Escrow Services: 35Insurance: 100Property Management- 10%: 65Maintenance - 12%: 78Vacancy - 8%: 52Garbage: 13Total monthly expenses day 1: 571.71-65 while self-managed = 506.71Unit A Current Cashflow: 143.29Notes: Market Rents - Around 700-750Considering making tenants pay for garbageInsurance may go up as I have yet to review the policyEscrow services may be $35 for each property or $35 for bothUnit B: Current Rent - $475Monthly Expenses:Note: 200Taxes: 28.71Escrow Services: 35Insurance: 100Property Management- 10%: 47.50Maintenance - 12%: 57Vacancy - 8%: 38Garbage: 13Total monthly expenses day 1: 519.21-47.50 while self-managed = 471.71Unit B Current Cashflow: 3.29Notes:Market Rents - Around 650-675Considering making tenants pay for garbageInsurance may go up as I have yet to review the policyEscrow services may be $35 for each property or $35 for bothThoughts?

Owner Financing Terms: $120K Purchase Price$3K Down$117K Balance - Paid Over 25 Years$400/month note0% InterestNo Pre-Payment Penalty - Actually 10% Deduction of Balance to Pay Off at 15yearsUnit A:Current Rent - $650Monthly Expenses: Note: 200Taxes: 28.71Escrow Services: 35Insurance: 100Property Management- 10%: 65Maintenance - 12%: 78Vacancy - 8%: 52Garbage: 13Total monthly expenses day 1: 571.71-65 while self-managed = 506.71Unit A Current Cashflow: 143.29Notes: Market Rents - Around 700-750Considering making tenants pay for garbageInsurance may go up as I have yet to review the policyEscrow services may be $35 for each property or $35 for bothUnit B: Current Rent - $475Monthly Expenses:Note: 200Taxes: 28.71Escrow Services: 35Insurance: 100Property Management- 10%: 47.50Maintenance - 12%: 57Vacancy - 8%: 38Garbage: 13Total monthly expenses day 1: 519.21-47.50 while self-managed = 471.71Unit B Current Cashflow: 3.29Notes:Market Rents - Around 650-675Considering making tenants pay for garbageInsurance may go up as I have yet to review the policyEscrow services may be $35 for each property or $35 for bothThoughts?

Also be aware that if the property manager works with those contractors they may charge a service fee on top of whatever the cost is.

I'm looking for a service that will go there for me and purchase properties on my behalf. 

There is a time and place to use services like that, but I don't think drafting operating agreements is it since it should be personalized to you and your situation.There are a few things that I think should be in the operating agreement:1) How do you determine how much to take out in distributions? 

I was also heavily deployed, for long periods of time (30 months deployed in the first 48 months of service), making me feel that I wouldn't be able to manage property investments while gone. 

Many of the people moving here seem to be employed in the service industries and have a hard time affording rents.

The tenant wanted 1 bill to pay every month and was willing to pay the higher rent that included cable TV service. 

Your time is worth something and if you decide later to add PM services it has already be included. 

However, the way I understand that rule is that we should reduce revenues by 50% to get to your cash flow before debt service or NOI number.