Do you know how you will handle late rent?

I am currently a capital partner with a company who handles 60+ flips in Florida per year.  

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

I'm unsure how to handle the water heater.

It is only difficult if you do it wrong.It is only difficult if you do not understand the concept of motivated sellers (which is indeed 99%+ of all the so-called experts that indeed pretend they got it figured out but they absolutely don't).BUT that doesn't mean off-market, motivated sellers are hard to find.They are indeed SO easy to find that as long as you do it right, you don't have to pay a cent or lift a finger to get them (once your system is set up).We get more than we can handle and anyone can do this without having to pay anyone anything to do it.

Renovation costs are capitalized and added to the property’s basis, reducing taxable profit (sale price minus adjusted basis and selling expenses).

to me I view an inspection contingency as you do it and if something is wrong you present it to the seller and say "hey fix this, reduce the price OR if it was major and really bad just walk away".If no inspection was done, then its unethical but reality is its not worth a seller to sue over it.

This will provide consistency and clarity in how you handle your properties.Start by reviewing your current Property Management (PM) agreement.

A few updates that didn't fit into the above post:The attorney who handled our closing offered to assist the sellers pro-bono in an effort to recover some of the equity.

@Jay Hinrichs how about one stop shopping at Costco.My other thought is that RE brokers should not cooperate with other brokers but sell their own listings for 3% and handle the financing.