I agree with you that this may not be common practice in different markets, my experience with HOAs is only in the state of NJ.

Since you are just graduating college you may already realize that it's not what you know, but who you know (as a personal note, I had college friends that were barely passing their classes however they ended up with really good paying jobs due to "who they knew").

In small college town with high rental demandAsk price 745kGross rent: 9750/mth 177k/yr     (differed maint properties with potential 200/mth per unit increase once renovated) estimated reno (190k across portfolio)NOI: 91,475/yr   (12.6 CAP)    (includes tax, ins, listed maint for past yr)     After reno NOI 127,475/yr   (14.6 CAP) Deal info:    - Owner finance 745k 20yr at 6% 20k down minus deposits (~13k)Cashflow  = 2100mth     (self-managed) (self maint similar to the previous owner)By this alone, 2100 cash flow added per month, it will put me at my financial freedom number of monthly cashflow is equal or greater than my families spending amount.

I'm an out of state investor and I purchased a duplex in May (Fayetteville Arkansas next to the college).

Getting a bit tired of my current job (first out of college) given the demanding hours and really motivated to transition into making Real Estate investing a full-time occupation for me.

So on May 6th of this year, I started my real estate journey after a very rough first year of college.

It will give you a strong foundation in legalities and best practices.

I have been learning the investor language, though still working on applying and practicing as I’ve worked with investor clients who flip, as well as do STR and LTR.

But best practices for Security Deposits (and last month's rent or other funds held in TRUST) is to keep it separate from your operating funds to avoid commingling and using funds for other than their intended purpose.

This general log gives an overview of your activities, but it might not be detailed enough for IRS purposes.Example 2: Detailed LogMonday, 7/1/247 AM - 7:30 AM: Monitored security cameras1:30 PM - 2:15 PM: Responded to tenant question regarding parking3:00 PM - 3:30 PM: Monitored security cameras4 PM - 4:15 PM: Checked mail and delivered to tenants, as necessary7 PM - 7:30 PM: Monitored security cameras10:30 PM - 11 PM: Monitored security cameras7 AM - 11 PM: Remained on standby all day for tenant needs/emergenciesThis detailed log breaks down your activities into specific time slots, which can provide a more precise account of how your time was spent.Best Practices for Record-KeepingBe Specific: Break down your activities into smaller time intervals, as shown in the detailed log example.Use a Logbook or App: Consider using a time-tracking app or a dedicated logbook to keep daily records.Document Standby Time: Clearly note the hours you are on standby for emergencies, but also separate it from active tasks.Include All Activities: Document everything from advertising to maintenance and tenant interactions.Consulting with a Tax ProfessionalGiven the complexity of qualifying for REPS, it's always a good idea to consult with a tax professional.