@Caleb Heimsoth mechanical sounds awesome too.

For the example house I have a total of $6,000.00 within this category.3.)Demo & MEP: For those not in the “biz”, MEP means, Mechanical, Electrical and Plumbing.

This:"BUYER UNDERSTANDS AND ACKNOWLEDGES THAT THE PROPERTY MAY BE ENCUMBERED BY MECHANIC’S OR MATERIALMEN’S LIENS OR OTHER LIENS, JUDGMENTS OR ORDERS RESULTING FROM ALLEGED VIOLATIONS OF LOCAL ORDINANCES AND BUYER IS TAKING SUCH PROPERTY SUBJECT TO THOSE LIENS, WHICH MAY OR MAY NOT IMPACT BUYER’S ABILITY TO OCCUPY OR TRANSFER THE PROPERTY IN THE FUTURE."

You do need to have a little mechanical ability but utube will teach you.

It varies from community to community. if the property is pretty well maintained and newer mechanicals you can adjust your budget for less to set aside for repairs.

Meaning...what CURRENT condition are the mechanicals, roof, windows, etc?

On the side lot are 2 full mechanic shops.

I would grab a domain name for the future but having a web site as your only mechanism to drive bookings is worthless.

If the property is turnkey i.e. fully rehebbed with all major items like roof, plumbimg, electrical and mechanicals etc. updated you may need very little cash reserves at least initially for a few yrs so you mighe be ok.Having said that I would recommed having some cash as reserves or have way to pay for things in case if something comes up with the rental or in your personal life for that matter.

I am a Mechanical Engineer in the DFW area.