Luxury Yacht (with decent expendable income) who owns a 3 year old SFH he rents out at market rate in a class B area to stable renters may make a different decision on what to do with monthly cash inflow than Just starting out on a shoestring and a prayer blue coller worker who owns a 70 year old class C that is overdue for a rehab.That is based on personal ability to meet costs when they come due and the probability that costs will come due.That being said, it's always intelligent to budget for CAPEX using real life numbers vs IRS or guesstimate numbers.You also need money for turns, which includes carrying costs when unoccupied and etc...As well as unexpected costs, such as roof damage, or early appliance failure--such as a refrigerator.Good Luck!

I am also very interested in building a big network of people, were we will all be able to help each other out and share the motivation, success stories, triumphs and failures.

There's no better learning than doing it for yourself, and no amount of preparation will prevent you from all failures.

Learn from you successes and from your failures.

Many OOS investors set themselves up for failure because they don't truly take the time to understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That OOS property Class rankings are usually vastly different than the local market they live in.7) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.9) Class B usually also okay, but needs more attention from owner and/or PMC10) Class C can be relatively successful with a great PMC (do NOT hire the cheapest!)

Many OOS investors set themselves up for failure because they don't truly take the time to understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That OOS property Class rankings are usually vastly different than the local market they live in.7) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.9) Class B usually also okay, but needs more attention from owner and/or PMC10) Class C can be relatively successful with a great PMC (do NOT hire the cheapest!)

Wondering if anyone has had success with failure to pay rent cases in the last month or so.

Failure to do that will result in me calling a professional to gain access and change the locks/code and I will bill you for the cost. 

Duct burst pressures are rated 3x high yet than design pressures, and closing a register or two will not increase the pressure to the point of failure. 

Failure to do this in some cases can make a landlord liable for double deposit in damages.The letter should itemize deductions:$850 deposit-$150 September Rent difference*-$150 October Rent difference*=$550 return*Tenant lease break charge.