@Mike Lambert That is highly dependent on a multitude of factors like size/luxury class/location/housing type/owner restrictions/etc.

. #1 is the primary reason, but #2 does factor in as well.

My main focus is understanding motels and their operational dynamics.If you’ve invested in or operated a property like this, I’d love to hear from you.

I would factor in time to travel to any market, but AZ is relatively quick compared to the east coast. 

Do you typically have a separate bank account for each property or do you have one main operating bank account? 

@John BerjIf cash flow is a top priority, factor in HOA fees (common with new builds) and confirm rent comps to ensure the numbers work.

I’m talking about getting thorough with expense estimates, factoring in property taxes, insurance, and a cushion for maintenance.

This is bad math, once most people factor in their income tax bracket. 

Like @Russell Brazil said there are general things that need to be in place.One that stings a lot of people is the main entrance door.

I would factor in 6-10% for property management.i have worked in property management for 3 years before and through the pandemic, and I have been seriously searching for property to invest in for about two years.