Additionally, I expect applicants to follow instructions in the advertisement and application, to make and keep appointments, to show up on time for appointments, dress and behave appropriately at appointments, and in general demonstrate throughout the process that they are someone that is easy and pleasant to do business with.

In addition, all Rent payments hereunder not made within five (5) days of the due date shall bear interest at the rate of one and one-half percent (1-1/2%) per month"The monthly rent is $1550 so the late fee is easy - I've set the account to charge 5% if the rent isn't received within the 10 days stated ($77.50).

Yes, I’ll check with regional building, but curious for additional thoughts here.

What kind of savings do you guys have in addition to the income savings each month? 

Your primary strategy should be to have the Contractor and all Subcontractors add you to their insurance policy as Additional Insured. 

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In addition, condos tend to not appreciate as fast in value compared to single-family or multi-family homes. 

Unless you're in a Class A Neighborhood like Palmer Woods, Indian Village, Sherwood, etc,. the additional rent probably won't support the cost to build:(More profitable to take the build funds and buy another property.DM us if you'd like to discuss more...

In hindsight I probably should have gotten an additional HVAC-specific inspection and tested the measurements for the actual washer/dryer space.

Here's a quick breakdown:Unforeseen Property Issues: Hidden damage, bad tenants, major repairs – these can eat into profits.Vacancy Woes: Empty units mean lost income, impacting cash flow.Market Downturns: Property values can drop, affecting your investment's performance.