How to budget for Lease renewals and Tenant replacement

[Rahul Sivaswamy]

Hi all !

I am new to real estate investing and have just started analyzing deals. I have analyzed around 15 delas so far and all have resulted in negative flows. I am wondering if i am being too conservative on some costs. 

Under property management costs, usually just the standard 10% of monthly rent is often referenced but the lease renewal costs & tenant replacements costs are not mentioned quite as often. Would love to learn more about some best budgeting practices to account of these two costs ? Lease renewal costs and Tenant replacement cost. 

Thanks!

Rahul