Do you understand how to budget for maintenance, capital expenses, and vacancy/turnover?

Initial maintenance costs to get the place ready to rent (if not ready to go already)6.

@Joseph Henry Renting could net you $2800/month and offer tax benefits like depreciation, but you'll face future maintenance costs for the furnace, A/C, and roof.

If one tenant moves out or unexpected repairs pop up, the other property can help cushion the impact.Of course, more properties mean more responsibilities...double the maintenance and potential headaches.

Not having to go find a good cleaner and handy person, proof of regular maintenance on the hard systems (A/C, Furnace etc) helps.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

For example you are in charge of maintenance while they are in charge of tenant placement, etc.

Here's some copy & paste advice we hope you find useful:----------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

I would only hire out for major work I can't do myself or emergency repairs.I've dealt with older houses before and the house may be fine for occupants but there's still usually lots of things that can be fixed / improved so it seems a house that isn't perfect would give more opportunities for ongoing maintenance of this sort.To me it seems fairly straightforward to meet the time requirements but I think I need to have extensive documentation?

If you buy a house with a $1,500 mortgage, you also need enough to cover taxes, insurance, and maintenance.