When interest rates went up, I was having to leave too much capital in deals in my target market, usually more than my acquisition outlay and rent-ready repairs.  

They have gotten repair quotes 2x what the market is (I'm convinced contractors give PM super high numbers because they know they can), they put the contract in touch directly with the tenant (so they aren't even managing the repair), and now they don't seem to be acting very quickly to collect rent or get the tenant out.  

I also make it a point if I have a repair or service being done at the property it gives me a chance to see the inside while I over see the work being done.  

I know that certified mail is nesc for official notices like lease renewal, rent increase, notice about bad behavior etc but what about day to day stuff like repairs?

not in Alabama, not in California. think about a down payment, closing costs, light repairs, rent ready costs, commission to the property management company, then you fix a dishwasher, then in year 2 the furnace goes. 

I recently purchased a rental property and discovered it needs more extensive repairs than I originally anticipated.

Once on the verge of being scrapped, the ship has undergone $45 million in repairs, boosting visitor numbers and profitability.

Do I have reserves for the inevitable repairs?

true cash flow is only going to come either (1) after many years of ownership, when the property is stable and rents have gone up; or (2) with a completely different, probably tougher strategy or niche.think about a down payment, closing costs, light repairs, rent ready costs, commission to the property management company, then you fix a dishwasher, then in year 2 the furnace goes.

Their pro forma sheet doesn't take into account ANY vacancy or repairs when calculating cash flow, and the rent comps are...ambitious. 1.