Make sure the lease includes all maintenance and they need to be in charge of all interior repairs.  

This includes getting comps or an appraisal to verify value, lenders title insurance,  a proper note and mortgage,  and you must be listed as a mortgagee on the borrowers property insurance policy.Our lending criteria in our lending business caps our loans at 65% of the after repair value and we control all rehab funds as we hold them in escrow. 

No leverage, not much in the way of repairs as they are all rehabbed with long term tenants. 

You'll be able to learn the ropes of managing a property and coordinating repairs/renovations.  

Very few repairs and very little drama.  

Key metrics include After Repair Value (ARV), Repair Costs, and Maximum Allowable Offer (MAO).

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.  

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