Courtnay, I agree with Mitch that it is easier to approach investing and all of its components by essentially outsourcing the needed activities until you can do them as well or less expensively. 

That 15% of loan amount in reserves covers times with no tenants, repairs that may need to be made during tenant turnover, and other unexpected or expected expenses.

@Ryan Moore,Ok, those reserve are not required to sit in your LLc account without earning anything.The whole reason we have reserve is to cover unexpected expense.

The on site manager and asset manager are two different components of property management.

A good one, with a list of your repair demands, can probably write a demand letter on your behalf for a couple of hundred bucks, which is cheaper than moving unexpectedly. 

Staying diligent and proactive before they stop paying rent, cause property damage, or move out unexpectedly is really important. 

Yes, they may lose out to someone who waives inspection, but far better to lose any one deal than to drop the inspection and and lose their shirt because they get ambushed by big, unexpected repair items.I never suggest "loading up" on contingencies. 

I just hit this week with an unexpected $10k in CapEx.

The negatives are the HOA payment takes away from your profit, and the HOA could have an unexpected assessment.

I visit and analyze the property, and estimate rehab costs (with experienced inspectors and contractors), add a buffer for unexpected repairs, and provide a financial model with an ROI comparison of a traditional rental vs. short-term rental.Any guidance/tips (positive comments only please) would be greatly appreciated!