Don't know how much renovations will really cost, again, either PM or GC conversations.  

They have cost my business tens of thousands of dollars and countless wasted hours of follow ups and missed opportunities.

Costs before that (during remodeling) are added to the basis.2.

Let's say at 6% over 30Yrs will be about $960 per month(Principle/Interest) with the remaining  interest only portion $40K costing roughly $200 per month. $1500- $960 + $200 IS $340Cash in your pocket after everything roughly $1500-$1160-$340 which is not bad for a 100% financed deal(INFINITE RETURNS)Now, If you ran this analysis on a 1% deal as @Nicholas L. mentioned you will undoubtably end up in the red each month.All the best!!!

I wondering if I can deduct any of the repair, closing cost and deprecation on taxes. 

They are even working on getting me the evicted tenant's security deposit, the missing JANUARY rent since the place is still empty, and covering the cost of my own manager re-listing the property.

.✅ Knowledge of Chicago Rental Laws – A good property manager stays up to date on local laws, helping you avoid costly legal mistakes.✅ Maintenance & Repairs Handled – No more emergency calls at 2 AM about a broken water heater!

Palm Coast might not have the flashy reputation of Miami, but there’s a lot to love in that area’s growth potential.I’ve been around the real estate block for a few decades, and one thing I’ve seen is that luxury rentals can thrive when they’re more than just “pretty”.. they need staying power.

It costs money to own and operate real estate which is why you need a primary source of income. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.