Prepare the property: This is the time to purchase new furniture, restock supplies, and complete any necessary repairs.5.

@Eric CarlstromMy STRs tend to experience more frequent repairs than my long-term rentals so I tend to budget more for repairs and maintenance. 

The biggest mistake new investors make is to walk a property, maybe explain in general terms what they want and then let the contractor come up with the SoW.For a bedroom this could be:- replace carpet- repair closet dooror- remove carpet- remove curtains, nails and screws- replace closet doors, entry door SKU#- replace window SKU#- refinish hardwood floors 144 sqft, clear/oil-based- prep and paint all woodwork- patch walls, texture, paint walls eggshell white clay, ceiling flat white- replace light fixture SKU#, replace lightswitch w decora/white, replace 3 outlets&covers- install blinds SKU#Obviously, the cost would be quite different.

We market the property as available now, meaning that it doesn't have to be repaired and/or it is vacant.

If the entire home is rented out then there can be some incentives to fix things like some big repairs such as roof, windows etc.

In California, an unlicensed professional cannot independently let a client into a home to show it; only a licensed real estate agent can conduct property showings, although an unlicensed assistant may be present to let someone in under the supervision of a licensed agent for specific purposes like inspections or repairs, but cannot discuss the property details or engage in sales activitiesPaying agents hourly would drive your overhead through the roof especially if the brokerage is not closing deals!!!

The property cash flows at a 15% ROI…………………..before insurance, debt service, utilities, management, vacancies, repairs, maintenance, payroll and property taxes7.

For a beginner, it will be wise to start with a property that requires less hands-on management, like a turnkey property or one needing only minor repairs.

I was wondering what's everyone's process when maintenance or repairs needs to be performed in the rental property.

I know, you have “repairs”already.