The property had a large amount of deferred maintenance.

Is the payoff on decreased maintenance/standardization of units worth the upfront cost.

They can also be another item that will need maintenance / replacements if they break down. 

You need someone with boots on the ground to drive by the property regularly, inspect every 3-6 months, supervise maintenance, etc.

I've run the numbers on a bunch of properties using the following numbers:- vacancy 6%- Property tax 0.44% of list price per year- Insurance $250 / month- Capex 5%- Repairs/Maintenance 5%- Property Management 10%I've found a couple with a slight positive cash flow (no more than $50).

I agree with Caleb-save money for a down payment and to have money for repairs and maintenance. 

Please see more below:Solo 401k vs Self-directed IRA:A Solo 401k has several advantages as compared to a Self-Directed IRA including the following which specifically apply to your situation:Unlike a Self-directed IRA, you can have the account for the Solo 401k at a bank or brokerage that does not charge maintenance fees and where you will have checkbook control.Unlike a Self-directed IRA, if you use leverage (which must be non-recourse financing in either case) to acquire real estate with your Solo 401k the income will not be subject to Unrelated Debt Finance Income taxGeneral Considerations Re Investing Retirement Funds in Real Estate:1.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

@Ivana Ivanovic I would say 8% is low to cover both vacancy AND repairs.If you expect to incur just one month of rent lost every 12 months, you'd be looking at an 8.33% (1/12 of gross annual income) vacancy rate.And, even for a brand-new build, you're going to have some repair/maintenance costs as long as you've got human tenants.

I basically group the business into 2 segments, administrative tasks (pricing, marketing, guest communications) and field tasks (cleaning/maintenance).Part of being a successful operator of anything, you have to know your strengths and weaknesses.