Add in that our violent crime rate is almost 2x that of Cedar Rapid's, and our property management options are terrible, that is how I arrived at my answer!

However, it is only day 1, so I will have to see how it goes and what other lessons I learn.I did also put together house rules, and go over everything with the tenant upon arrival (I did talk about any "rules" during the final interview to make sure we were both clear on expectations), and provided a written copy.

I arrive the day of to investigate. 

Many arrive at this strategy through paid mentorship, while others settle on the strategy through their own education because its such a  widely discussed strategy with so many industry participants peddling the concept thanks to the low barrier of entry and ancillary services and fees that are generated.  

The 10% is probably for ordering items and being there when goods arrive, unboxing and removal of packing materials, assembling any furniture that needs it, placement and moving things around, putting up artwork, and washing new plates, silverware, cooking pans, coffee carafe, prewashing all sheets, towels, and linens etc. 

We advertised it as a "bonus room/ office" and I think that helped attract the right applicants (they were not expecting a 3 bedroom apartment and then arriving to find out it was only 2 beds with an awkward bonus room).  

Curious how you arrived already at Phoenix and Tempe while skipping over some other areas.   

Yes, the cost matters, but it's more important for an investor to understand how the cost is arrived at!

Lenders generally rely on formulas when arriving at the loan amount they are willing to extend to you, the borrower.

We also have Hospitable configured to text message me if we don't have anyone there the night before a guest arrives with the canned message ready to go so we can just copy/paste to the guest that they can get in early.