Protecting your family with proper insurance coverage is a critical component to your overall financial health.

Again it could be a reasonable cost depending on what all they had to do.There are multiple issues here.1.Most of the items mentioned for repair should have shown up on an inspection of the property PRIOR to purchasing.In my mind if you didn't get a inspection from a 3RD party inspector not affiliated with the company selling you the property then these repairs are on you for not doing due diligence.2.The other component is that this property manager has their own crew.I don't like that one but and would never agree to it.Sometimes managers also get referral fees for giving business to skilled trades even if they don't have their own crew.The problem becomes then instead of getting the best rate they have to pad it a little to give back to the property manager for the referral.So either way I am sure the property manager is reaping a benefit monetarily from it.This way they make more than the lousy 50 to 60 bucks a month managing a property.This is why I am not a fan of "one off houses" in an area far away from where I live.This is why I like owning apartment buildings.I can find a full time highly trained manager easily and they use systems and programs to control cost and everything is documented.Since they only focus on management and are not a broker/agent doing transactions and then handling "rentals on the side" my properties get the focus they need to be ran properly.It just sounds like you purchased wrong and then on top of that have a property manager padding fees with the repairs.REO agents used to do this with banks.They wouldn't make much commission on selling the little dumpy houses so would have their company do the trashout,re-key,repairs and charge full market for it.Eventually the banks caught on and choosed their own company to perform tasks and only let the broker list the property for sale.Sometimes that works and other times it doesn't as the broker or manager is now dealing with outside parties they can't control saying work was completed properly and it wasn't.If you haven't had an inspection of the property I would do it now to see what all else might come up in the future so you can expect it and plan for it.

It seems that turnkey sellers are sprouting like mushrooms, not unexpected giving all the distressed inventory being snapped up.Current practice by the largest turnkey sellers strikes me as questionable.

Jake, notso random question: how long does it take you to run a comp on a house?

I bought another property through this group a year ago (which worked out okay for me, although there a couple of unexpected issues) and they only asked for a 2K deposit at that time.

I'm sure it's possible, but now I view being able to do that as an unexpected bonus.

I wonder how many investors would be wiped out if 1 deal went south on them unexpectedly.

There are so many components that go into these calculations that the "devil is always in the detail".

A preferred return on your dollars invested SECOND (before the labor component gets one red cent)3.

Just because the HOA has low Association Dues does not mean that it is collecting enough money to cover it's operating cost and saving in the case of an unexpected maintenance emergency.