While there’s no perfect formula, there are a few methods you can use to get as close as possible:For maintenance and repairs, a good rule of thumb is to budget 1%–2% of the property’s value annually.

I agree that the upside here is knowing most of the mechanicals need to be redone upfront, so there should be fewer ‘surprises’ along the way.Setting aside a solid contingency fund is a must—do you have a rule of thumb for that?

Homeowners, your tenants ARE RESPONSIBLE IF THEY VIOLATE SANITATION RULES, phone 311 to report them.Dont let nwo mafffia dictate otherwise.

Next, I would look into where you can find the 1% rule (aka positive cash flow) and fast appreciation. 

When you have studied your market properly you should be able to provide the answer of if single family or residential multifamily is better for cash flow. 1% rule was for a time when almost all deals were decent as a way to rule out the lessor deals and concentrate on the best deals.

There are rules to follow!

I am bullish on the FHA 203k and home-style renovation loans that allow you to leverage the cost of your renovation as part of your mortgage, which is just an insane deal, in my opinion.Do you have a specific area where you want to purchase?

@Annie AnsonUnderstanding the STR rules can be overwhelming.

Depends on the town’s rules, though, so check that first.Renovation Loophole: Some places let you raise rents or get out of rent control if you do big renovations.

Even on conventional renovation loans, most lenders and borrowers still use Certified 203k Contractors b/c the guidelines/timelines/rules/processes are almost identical.