Repairs and Maintenance are not cheap and shipping carpet/furniture/etc to Hawaii calls for huge price premium so I would be sure keep a reserve for replacements.  

In addition to doing regular inspections as soon as someone gives notice due and immediate inspection to determine if the unit is being kept up decent or if you need to plan on some repairs before it is turned.

Ensure you have an emergency fund for vacancies or repairs and verify market trends to confirm the investment supports your long-term financial plan.This post does not create a CPA-Client relationship.

Our ground moves quite a bit and $150 is worth it to see if there is a 5K+ repair needed.

The actual cost of any maintenance/repair/capex is a higher percentage of rent to reserve, the lower the rent levels are.Additionally, and this is just my personal experience, if you buy in a Class C area, you will get a Class C tenant.  

Double check so you are budgeting correctly.Last, I would generally NOT recommend you use your Heloc for your repairs.

So one major repair can wipe out a year's worth of profit.

Get the inspection but remember they are looking for hazards and not considering what repairs will do to the final value or monthly rent.

When market changes, even the most sophisticated sponsor could collapse.At the end of the day, it's better to become "active investors" where you know every single bit of your investment, your market, your realtor, your contractor, what's the actual repair cost, actual rent, appreciation and so on and so on.

The house went through a full inspection with some minor repairs costing $1500.