I’ve been in the industry for several years, and my work has given me a solid understanding of property systems, maintenance, and what makes a home a great investment.I’m now looking to expand my own real estate journey by learning how to acquire and manage short-term and long-term rental properties.

**Maintenance**: Be prepared for a bit more wear and tear compared to market-rate rentals.

I used it to list my properties, screen tenants, manage payments, send notifications, manage maintenance.

However I like to run my numbers conservatively and account for cap ex, vacancy, maintenance reserves 10/5-7/5-7% respectively.

@Bryce Jamison As long as the previous owner keeps up with the maintenance of the home and keeps it in good condition, I tend to favor older homes in established neighborhoods.

PMC staff are good at maintenance and maybe repairs, but they are NOT licensed contractors with years of real-world experience.

In addition to your down payment, plan for closing costs (around 2-5% of the purchase price) and set aside at least 3-6 months of expenses for repairs, maintenance, and vacancies.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

@Thomas FarrellRecommend 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 property in Class D area to Class A standards, what quality of tenant will you get?

So, I also require that :Monthly Rent + Monthly Debt Payments <= Gross MONTHLY Rent * 45%This is similar to how mortgage qualifications work by considering the applicants' debt loan along with their housing cost in relation to their income.