To name a few: lawn mowing business, marketing agency, video production company, acting career, window washing, SEO services, improv comedy, music production, painting, drawing, guitar, blogging, and photography.

@Shaun Ng i own a title company in MI - and i am sure we could help you if you were here however, if VA is an attorney state then you can get help from a title attorney otherwise chat with a title company. 

So if there is a fire due to natural cause, HOA insurance will cover the cost of exterior repair like painting the exterior walls.

The tenant fails to pay their last month's rent and leaves the place needing new flooring and paint.

Expect to remodel kitchen and baths and put new floors down, paint, knock down a wall to open the floor plan. 

As for turn over cost I would save for new floors and paint obviously every house is different if you have a 30 year old oven then add that in to but as a rule of thumb save for paint and new floors.

We installed fresh flooring throughout, updated the bathroom, and gave the entire property a fresh coat of paint inside and out.

I flew there and walked the house, looked pretty turnkey rental grade): $1029 GFCI outlets, downspouts and guards, drywall, paint, bathroom vent$4615 (new AC unit since unit was stolen before tenant moved in, didn't file insurance claim because didn't want my premium to go up) $600 (water line, gas line, P trap)$60 lawn mowing$112  thermostat repairMy opinion is that Class C is better for local investors who are on site and know how to do repairs and self manage.

But it gives you a chance to get a fresh start....make your place nicer, replace appliances, new paint, get rid of carpet and replace with LVP, Etc....

The exterior got a fresh coat of paint, and I added modern fixtures inside to attract buyers.