It's pretty common practice to have something like that in a property management agreement, and if it falls under that limit they're going to pay it and not notify the owner except in regular monthly updates because it is below the threshold of what is an ordinary expense in the course of business.

People in the group have regular calls with sellers that you could potentially listen in on.

It seems like location would be especially critical with pad-split (and similar systems), but I’d love to hear your thoughts on what to watch out for in terms of zoning, safety, or demand.Also, I’ve traditionally rented out units the regular way, so I’m curious how screening tenants works for you with the pad-split (and similar) model.

@Jonathan Bombaci recommend using that amount as a bargaining chip for lower rates.80% of evictions are wash, rinse, repeat. 

Another issue I had with him was he did not priortize my needs at urgent times during my transaction with him.

But tell them what you are doing precisely - vacation rentals, not regular rentals.

You are tagging and categorizing the CapEx items correctly or are they going to "regular" operational expense?

It's worth comparing terms between your current lender and others to see who offers the best deal in terms of rates and fees.Purchasing a Property: Whether you purchase through regular listings, an agent, or an auction depends on your risk tolerance and expertise.

The nice thing is that with investment properties it all comes out in the wash of your due diligence.  

Investment returns automatically deposited on a regular basis.