The tenant can lose their housing voucher so inform them that you are speaking with the Housing Authoring because they have violated the lease agreement by blasting music all night.

Not sure how you cashflow with Proper, it’s just not proper. 

@Charles Perkins is absolutely correct about "collecting all receipts, properly tracking all income and expenses and your basis for all assets properly documented and recorded."

Yes it's a huge problem.You should fix this correctly now.Open the walls and put in proper sound reducing insulation.

So monthly expenses are $2809.I'm assuming for the sake of this conversation that you charge $150 per night and are occupied 50% (15 nights a month), so your projected income should be $2250 per month.If the above numbers are accurate, you will have an operating loss of -$559 per month.

Obviously they are putting more pressure on out of state investors that invest within Cleveland proper, but spreading liability to the property manager is a new twist.

The industry is mature and margins have properly compressed.

In order to get there it would be good if you could keep feeding cashflow proceeds back into acquisitions, on top of your continued W2.Speaking from experience, you can manage probably 30-50 units yourself nights and weekends before you really need to hire someone.

I still remember working until 2:00 am on a Saturday night to finish an apartment. 

But that's just me, maybe your market can tolerate higher nightly rates.....I agree with Bruce.