Can you pay all of your bills, mortgage for the rental and potential maintenance bills for a rental if the tenants don't pay their rent or if the place is vacant and needs rehab after the tenants destroyed it?

Also, explain how you'll share the acquisition costs, such as the down payment, renovation, and closing costs.Payment Responsibilities: Explain how to divide and pay for regular costs like mortgage, property taxes, insurance, homeowners association fees (if applicable), and upkeep expenses.Management and Maintenance: Agree on how property maintenance, repairs, and improvements will be handled, including decision-making processes, funding for these activities, and responsibilities for performing or managing the work.Single Decision Point: For example, I've seen situations where one person agreed to replace an appliance while another strongly opposed it.

I'm about to rent out my first property and would love a recommendation on an app to use to screen applicants, submit maintenance requests, and receive rent. 

Could get tricky when it comes to late fees, maintenance charges, eviction process or any fee/charge the tenant decides to dispute.

Conduct a comprehensive inspection of the property to identify any significant issues or deferred maintenance.

You have maintenance/cap ex, pm, vacancy, misc.  

It's a job, not an investment.Real wealth is built by holding property for a long time.If you save $6,000 a month, that's over $60,000 available to invest in one year, with a little held in reserve for emergency maintenance issues.

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.

- Proactive Tenant Management – Focusing on a solid tenant screening process and keeping up with regular communication and maintenance has helped cut down on vacancies and avoid evictions.- Tech-Driven Operations – Using property management software for things like rent collection, maintenance requests, and communication has made everything smoother and saved a ton of time.- Curb Appeal & Upkeep – First impressions matter!

You’ll need to manage the property more actively, stay on top of furnishing and maintenance, and market it effectively to your target audience.In Cleveland, most tenants looking for mid-term rentals prefer a price point below $2,200 per month.