Hard money loans are typically for short durations - not loans youd want to maintain for the long term. 

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

Landlord to maintain fit premisesA.

A slumlord is simply a landlord who collects rent without maintaining the property or caring for their tenants.Now, it could be that the current owner is a slumlord.

I’m looking for some best practices on starting and maintaining LLCs in TX, TN and FL (on a cheap basis…not trying to do everything using a service or having each single family home in each LLC as that would make costs balloon out of control).  

Just treat it like any other system you’d maintain regularly, and you’ll be fine.

1) Theft & vandalism while vacant2) Maintaining to the Neighborhood and not over or under improving3) Tenant Proofing repairs to save money4) Dealing with the tenant pool - which will have under 600 FICO scores5) Having a GREAT Past Due Rent process6) Understanding the local eviction process and finding an attorney that specializes in evictions7) Etc.

For instance, if you know how to maintain your own boiler or how to do some plumbing you are at least saving yourself $150 an hour.

The popularity of the program means your accountant and a bookkeeper will surely know how to use it--and that the program is more likely to "exist" and be maintained than smaller niche solutions.

Attention to detail and maintaining a fair but firm approach is so important.