@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.

Before listing it, I had lots of expenses, including painting, floor refinishing, plumbing repairs, staging, cleaning, etc.In a 1031 exchange, I purchased two small multifamily homes which also have some roof work, painting, plumbing, etc. 

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.

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 know, you have “repairs”already.

Over and over, you can be constantly evicting and replacing appliances and doing major repairs.

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