Closing costs: $3515 (3.5% down on FHA)Conventional 30 year @ 3.25%Income: Current rent: Lower 2BD $800 (rented MTM but I think I might be able to get $900)                     Upper 1BD $500 (I would occupy upper)Market Gross rents: $700-1200 2BDMonthly liabilities: Mortgage (P&I): $399Utilities: $150 Vacancy: $65 (5%) CapEx: $65 (5%) Insurance: $90 Repairs: $65 (5%) Property Management: Self managedProperty taxes: $408Total expenses: $1241Monthly cash flow~ $58.64/mo (Unless I can get $900 for rent then it would be ~$145/mo)My current rent is ~$500/mo with utilities.

Does any one used REDS and FASS property management service in Cleveland area?  

It doesn't seem to me that I need something as advanced as Quickbooks, was thinking about Quicken 2016 Rental Property Manager which by the name seems well suited to the Real Estate business but the reviews are less than stellar (mostly software instability issues).

Sorry to take your request for coaching and turn it around with a question but did you get you Managing Broker License or the Broker License?

As an investor, document management is not a problem.  

He worked as a mortgage broker for years, so he understand that aspect.What we trying to accomplish is for him to be able to become an acquisition manager, learn the different methods; cash purchase, owner financing, subject 2, lease options, JVs/retail price, etc. 

My brokerage is one of the larger residential property management companies in the Orlando area. 

We put about $2500 and some sweat equity into the property before renting it out (some flooring, new dishwasher, new water heater, painting, etc).income: $1295expenses: $108 vacancy (guess), $283 HOA fee, $161 property tax, $14 insurance, $130 repairs / updates (guess), $480 mortgagecashflow = $119And that doesn't take management into account, which so far we'll try to do ourselves (from NH -- I know that's iffy, but we did find a high quality tenant so we're hoping that not too much will happen).

If you can manage to pull of the 15 year mortgage, I can tell you from my experience that it is fantastic to see that principle chop away every month.

How are you going to handle managing the property from New York?