Obviously it will cost money, get some quotes.

But if your goal is to cashflow positive from the Day 1, you may find it very challenging due to current day interest rates, high cost of construction and the fact you won't have the efficiencies of a seasoned developer building at scale.

I manage 400 rentals and the most significant claim ever filed was a kitchen fire that cost $20,000.

For those curious about the numbers:Purchase Price: $95,000Renovation Costs: ~$4,000ARV: ~$140,000Expected Rent: ~$1,500Thank you again for being an incredible resource.

And cost is not coming down.

For reasons mentioned above the post will not be removed for transparency reasons but thank you for sharing your experience and clarifying the situation. 

If you don't, it can cost you everything!

Otherwise you still have leases for each unit and collections for each unit.I don't think you will probably get a reasonable break on PM just by buying more units. 

The only approach I’ve found effective is offering a deposit alternative, which lowers upfront costs for tenants without devaluing your property.

Give your state's 'cure' term ("In New Jersey, a tenant has three business days to pay rent and court costs after a judgment of possession is issued to avoid eviction.