However what happens when the tenant vacates and now the unit has to be turned over/takes a few months to find a new tenant and during that same period of time the sewer line goes and you get hit with that $15,000 cap ex expense in addition to the vacancy and turn over costs.

There are no upfront costs so why not establish a relationship with someone who actively represents real estate investors and move forward with vetting your ideas.Best.

It cost me $8500 in my HCOL to get the electric separated on a 3 unit.

Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

Even still, it could be said that I've still lost money due to my time on the tools instead of prospecting as a real estate agent (the cost of lost opportunity).If you can truly do 80%-90% of the work yourself (at acceptable quality levels) and you aren't sacrificing your time where you can get better returns for your efforts, then yes, it can work even up here in Canada.

Sometimes, buying an existing property can be more cost-effective and less time-consuming and maybe require slightly less permits, etc. 

I am trying to get a good hang of the rehab costs since I’m new to the are (from Dallas).

Additionally, cost segregation and bonus depreciation can accelerate tax benefits.Because filing as single taxpayers limits certain deductions, planning in advance ensures you maximize benefits while avoiding complications.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Finding a condo that allows Airbnb/STR will be challenging, they're rare and cost more because of it.