We focused on 1 and 2 br properties long before MTRs became trendy because they have lower price points, less competition, lower expenses, and while the tenant pool is smaller, so is supply.

Neither outcome is good for you.I give some approximations of each expense category in The Hands-Off Investor, but the best way to nail down operating costs is to look at the property's historical performance.For example, Contract Services and Utilities. 

I didn't want the bugs to move to the other two units so I covered half of the expense and the tenant paid the rest.  

I live on the East Coast and I too am an out of state investor primarily since Long Island is a particularly expensive area as a whole to invest in. 

Hey everyone,For those in the real estate game, how do you track your property expenses, labor, and other details during the renovation process, especially when managing multiple properties simultaneously (e.g., 3-5 houses)?

@Timothy Eatonyou can post rents and projected expenses in this post. 

It might help you avoid penalties if the IRS goes after you later.You can claim the labor expenses even without 1099s, but you will technically be in non-compliance.

Don’t buy expensive courses when you can learn everything for free on YouTube.

@Ben Trageser Stessa is an excellent platform for tracking investors' income and expenses; it is user-friendly.

Or maybe it’s too expensive for what you want to use it for.