You are right, I should have accounted for that.

2) Owners NEVER take into account the time required to:- Evaluate & select materials- Order materials- Pick up materials- Coordinate access with tenant- Dispose of waste- Scan and process receipts2) According to Angie's List, labor cost can be $250 to $700https://www.angi.com/articles/how-much-does-microwave-instal... 

Account Closed so I believe we are saying the same thing.

They provide free estimates and work with your accountant.

If you do end up splitting profits and equity 50/50 then make sure you account for your management.

Also, this is why you pay for a good real estate and business focused account.... so you don't have to try to figure out something that is not your expertise or specialty. 

Here’s a quick checklist to cover your bases:Property Condition: Get a thorough inspection to assess major items like the roof, foundation, and HVAC—this helps you plan for any big repairs.Financials: Account for all costs, including taxes, insurance, maintenance, and property management fees if applicable.

If it’s a larger or commercial property, consider conducting an environmental check to assess potential risks like contamination or flooding.It’s also important to request a full property disclosure from the seller, which may include known issues or defects with the property.

You have to have separate bank accounts just for that LLC.

The single entry system is why I didn't use Stessa for accounting purposes.