Come even the slightest ripple (an increase in property insurance, an unexpected repair, etc.) and suddenly you're drowning in a sea of negative cash flow.Also, are you including both professional property management and vacancy in your operating expenses?

Run the numbers, have the realtor run some comps and figure out the ARV (after repair value).

The areas I lack experience in would include construction, repairs and handyman work.  

Repairs should be 10%You can get rid of Capex though, as no one really worries abot it on SFR.How much research have you done on property taxes?

As far as I understand it, when the repairs, updates, holding costs, etc. take place have no bearing on anything.

Inspection reports will always be a very meticulous report of all items that need to be repaired, or suggested to be repaired in a home. 

If you are tracking depreciation for purposes of repairs and maintenance (like anticipated timing of a new roof for example), you could probably get away with using excel and then just manually booking a journal entry.

Landlord says I will do a full replacement, but not minor repairs. 

The flooding damage cost about $10,000 to repair, and now we've been going back and forth via our property manager to settle the claim with the insurance company.

On one side it's good because you don't have any vacancies but it can be bad because many times rents are under the market and there might be needed updates and repairs that are hard to do with tenants in the property.