This way I can continue to keep the Oceanside condo as a rental and maintain a monthly cash flow of $500.

But an outdated, generally maintained property can be a great buy - for example an estate sale ... systems functioning but outdated, etc.

Go Green Plumbing was excellent--they fixed some minor plumbing issues and gave me great advice for maintaining the place. 5 star service.Alcova Mortgage was great, very professional, on the ball, and great customer service.

Go Green Plumbing was excellent--they fixed some minor plumbing issues and gave me great advice for maintaining the place. 5 star service.Alcova Mortgage was great, very professional, on the ball, and great customer service.

I am hoping to maintain profit (or I wouldn't) be doing this but I also believe that this property is a great learning opportunity as well.Regarding the emergency fund.

When you meet with the contractors, make sure to understand what you have, what will be required to repair and maintain what you have, and what you should be budgeting for future capital improvements, if needed. 

I think that if you want to take advantage of the economies of scale in the larger MF deals like you mentioned, the best thing to do is maintain your current income.

There will be costs associated with opening the LLC and maintaining it. 

They collected the rents, maintained it & after 9 years 8 months stopped paying the $1300/month (this included escrow for taxes, fees etc) so we evicted & immediately sold it 'as is' for $30k.We have done & continue to do a LOT of these.

Most of the time they will maintain it better when they think they might own someday.