The good news is that you can fill out a form, provide the receipt of the repair, and they will credit you about 1/2 of the bill

The formula calculates the maximum amount to pay for a given property once two key factors—the after-repair value (ARV) and estimated repair costs (ERC)—are considered.The 70% Rule Further ExplainedThe 70% rule states that real estate investors shouldn’t pay more than 70% of the ARV minus the repairs needed.

If an inspector finds the outlets aren’t up to code, the parties might negotiate a credit from the seller to address the issue, with any further repairs being the buyer’s responsibility.

What's your experience with repair costs? 

Same with them doing repairs-are they qualified to do them.

Regular preventative maintenance, typically during turnovers between tenants I take note, anything that will likely be a need to repair in the next 12mo I try to fix during my turnovers before a new tenant, but I also take note of anything that may be needed in the next 24mo and the next 5years and I estimate the cost and budget it into my reserves Best of luck with your self management journey!

If so, a rehab loan might be a good option, especially if the property has a higher ARV (After Repair Value) in the future.

Although not required, spending a few hundred dollars can help you discover hidden repair issues.Contingency fundA mortgage lender typically requires you to have significant cash reserves before buying a residential rental property.

For example, on what I thought was a relatively simple project in a bathroom reno which was fully gutted down to the studs already, I had more than one quote for over $7k to run pex supply lines and rough in a shower drain and toilet drain off of an existing main stack, all of which ended up costing me about $200 in pex lines, PVC fittings, and sawzall blades.If you need any hardwood flooring repaired, patched, or refinished, you can't beat Dave's Hardwood Flooring out of Blaine - $3k spent with them fully brought one of my duplex unit's original 100+ year old maple floors back to life.If you're putting in any stone counters in your kitchens or for bathroom vanities, Twin City Discount Granite have been awesome to work with, and consistently have the best pricing I've found in the area on fully installed granite and quartz.I also have a great drywall guy, as well as a really good carpet install guy - feel free to DM me if you want either of their contact info!

In addition you need to budget for maintenance/repair, capital expenses, and also to cover the vacancy/turnover the next time a tenant leaves you.