If you are going to start your mgmt llc, then you need 2 bank accounts and 1 saving.Mgmt LLC will need a bank accountthe Property LLC will need an Operating Checking and Saving (for tenant deposits)This isn't for tax purposes, but for accounting purposes.

And given the climate in MF today a MF that generates 10% is not a sure thing.So I'd say no way without a 1031. 

If you think I'm a terrible operator and I should sell to you, then I can assure you it will not happen, and you don't need to post it.

I know people who are operating successfully in that market, but they are working very hard for their money and I commend them for doing it; the community certainly needs them.

If that's the case, you'll have to drive for dollars, do your research on abandoned properties, make friends with mailmen, and all kinds of other ways to generate leads.

The value of the home now is about $155,000.My total payment is $930/month and it generates $1,050 income every month. 

Coming down to Alabama in June in search of realtors in Birmingham and other Alabama cities to talk about places to buy homes, all-in prices and how to set up an operation for finding owner-financed buyers. 

Total operating income is $8,600 per month so even if I borrowed the full 900k it would still produce an outstanding cash flow (for the Maui market - which also has a huge added incentive of having a very high chance of appreciating).

Their overall goal is to hold onto the property and bequeath to the next generation.

If you can find a great PM for your needs, that you are truly excited to work with, I'd go with the market that PM operates in.