Operating Expenses (30-35% of Income)Rule of Thumb: Allocate 30-35% of your rental income to cover operating expenses such as property management fees, maintenance, repairs, utilities, and insurance.Why: Properly budgeting for these expenses will keep your properties well-maintained and avoid unexpected financial strain.3.

MikeI would be surprised to find a lake house on a legal septic system, most likely the house has a holding tank that needs to be pumped every few weeks depending on usage.

That is the ideal scenario but sometimes the communication doesn't happen or things get broken unexpectedly.

Not surprised by JT.

I'm sure that none of this is a surprise or is sneaking by moderators, but at least it makes me feel better to call him out.https://www.biggerpockets.com/posts/user/jimmylieu

You might be surprised to see some tasks are taking a lot more time than you think they should and maybe you are diving a little too deep into those items or need some automation.I self-manage 13 SFRs with a set of linked Excel spreadsheets.

Securing a strong deal upfront is crucial, and adding a buffer for unexpected costs is a smart move.

Some deals may look good on paper but can quickly turn into a nightmare if you don't account for unexpected things.

It’s been surprisingly hard to find anyone doing that here so figured it’d be good to look on BP!

On the other hand, if anything unexpected happens, you want someone who is going to watch out for your investment.