Very light repairs needed and turnkey property. 

Purchase price: $10,000 Cash invested: $75,000 New construction, purchased a home in condemned form form being I could do repairs and wife could sale being her real estate firm What made you interested in investing in this type of deal?

With carrying costs, repairs, and previous unknowns, I am now looking at approximately $65k as we are doing nearly everything ourselves (I own heavy equipment and previously had a contracting/landscaping business).

nor is pesky repairs that don't show up until a few months or years of a tenant living in a property.i say all this not to discourage you but to arm you with facts. i don't want you to be surprised like so many others are.and: partnering, tapping into equity, anything else 'creative' just means expensive. 

Which is code for- has a great profit margin after expected repairs.  

The message to the PM gets lost in the mix or isn't follow up on for repair and the tenant or guest gets injured by the broken step.A plaintiff's attorney is going to name both the property owner and property manager to the suit because that's just what they do.

If it's vacant and really needs cleaning/repairs, then I'll wait until it's more presentable.2.

The lease termination fee needs to be paid at the time they request this, do not substitute the security deposit for this purpose.This will ensure compensation for time, money and effort needed for a tenant turnover, including advertising and showing costs, regular repairs, utilities during vacancy etc.

To answer your question, Accounting when you have a PM Company in place is tricky because your bank statement may only show a payment of $800 but in reality that may be the result of $1,000 of gross rents less $100 in PM Fees and $100 in repairs made on your behalf.Best of luck.

The key is to make sure you purchase your the home at the lowest cost and know what your after repair value will be to see if you will actually be able to make a nice margin after netting all cost.