It is easy to underestimate your rehab budget and your timeline leading to more holding costs.Or you could explore partnering with someone who has experience in the area and capital to also invest. 

"expect my insurance goes up', 'hope the property value will increase', 'hoping for fewer problems', A business is not build on hopes and expecting.Build a budget, is the expected return more than your required return?

If not, I'm sure there's plenty of tools online that can help you budget and keep you accountable to your budget.  

Everyone has been scared the crazy state was never going to put a budget together and eventually the schools were going to have to shut down because they had no money coming in.So this may very well be a good time to buy as some landlords in college towns may have seen a decrease in vacancy and might be spooked. 

We've got an OLD - low-budget chat available on the site at: chat, but if there's more interest, perhaps we need to look at taking it to the next level . . .Anyone else?

Budget willing to spend 1500-1800 month.

Let's explore some effective approaches for managing investment properties:With a Property Manager:Screening and Selecting Tenants: Entrust your property manager to handle tenant screening, background checks, and selection, ensuring reliable renters for your investment.Rent Collection: Property managers can ensure timely rent collection and handle any late payments or lease violations professionally.Maintenance and Repairs: Delegate routine maintenance tasks and repairs to your property manager, who can coordinate with contractors and vendors to keep your property in top condition.Tenant Relations: Property managers serve as the primary point of contact for tenants, addressing their concerns and ensuring a positive rental experience.Lease Enforcement and Evictions: Trust your property manager to enforce lease terms and handle the eviction process if necessary, following legal procedures.Financial Management: Property managers can handle financial tasks such as budgeting, accounting, and financial reporting, providing you with regular updates on property performance.Without a Property Manager:Self-Management: Take on the responsibility of managing the property yourself, handling tasks such as advertising vacancies, screening tenants, and collecting rent.Outsourcing Specific Tasks: While not hiring a full-time property manager, consider outsourcing tasks like maintenance and repairs to trusted contractors or service providers.Utilizing Technology: Leverage property management software and online platforms to streamline processes such as rent collection, lease management, and maintenance requests.Establishing Clear Policies: Set clear policies and procedures for tenants regarding rent payments, maintenance requests, and lease terms to minimize conflicts and misunderstandings.Regular Inspections: Conduct regular inspections of the property to identify maintenance issues or lease violations early on and address them promptly.Building Relationships: Maintain open communication and positive relationships with tenants to foster a sense of community and encourage better care of the property.Whether you choose to hire a property manager or manage the property yourself, effective communication, attention to detail, and a proactive approach to property management are key to maximizing returns and maintaining the value of your investment.

Emergency life situations I would keep a 15-20k credit card empty or LOC, with a payment you have already factored in to your monthly budget. 

If you want to a short term rental, I'd say your budget is getting close to enough to have a great one IF you're willing to do work on it but likely should save up a little more regardless. 

Make sure you have a good idea of who is traveling to your area and why and what their typical budget is.