In reality, these are two very different things, but they add up to what we call “cash to close”.Let's define the difference between closing costs and prepaid items:Closing costsare one-time fees that you will ONLY incur if you purchase or refinance a property.

Internal Revenue Code section 707(c) defines a guaranteed payment for capital as payments that are determined "without regard to the income of the partnership". 

To start your first BRRRR investment, define your investment criteria, focus on submarkets with favorable cash flow and rehab costs, build your team, analyze deals using tools like BiggerPockets BRRRR calculator, and start small.

The smarter, steadier choice is really before the investment and defining intentions and current situation. 

My main reasoning:Money is often defined in terms of the three functions or services that it provides.Money serves as a medium of exchange, as a store of value, and as a unit of account.

I'm in the Orlando market and it is definately softening now and favors buyers.

The principal sum, plus all accrued interest, as defined above, shall be paid to the Holder upon as set forth herein.Payment & Due Date: The Maker shall not be obligated to make any payments ofprinciple during the term of this loan until January 4, 2024 ('Due Date"), at which time the entire principal balance, plus all accrued and unpaid interest, and other charges, if any, shall be immediately due and payable in a lump sum balloon payment to Holder.Collateral: This Promissory Note shall be secured by a mortgage lien against thefollowing real property: Address listed; (the "Property"), executed by Maker for the benefit of Holder.Assignment: This note is NOT assignable by Maker without the written consentof the Holder, which shall not be unreasonably withheld.Default: The occurrence of any of the following shall constitute an "Event ofDefault':Failure to make any payment due hereunder;Nonpayment of principal upon the Due Date;The breach or failure to perform any of the terms, provisions, conditions,promises or agreements in the Note, that is not cured within five (5) days ofthe date of written notice from Holder;Any representation or warranty made or deemed made by or on behalf ofMaker to Holder under or in connection with this Note shall be materiallyfalse on the date as of which made;

It would definitely help build trust and rapport with your tenant, but if it's not defined in the lease agreement you aren't on the hook for that. 

I often give guidelines to my tenants about what defines and emergency, what is not an emergency, and the the timeline to expect emergency vs non-emergency things to be handled. 

Folks speak a lot about "boots on the ground" but I think that phrase needs to be further defined.