Check on the status of the capital markets because a wild and sudden swing in interest rates or a freezing of lending could make your acquisition either undesirable or impossible. 

There is zero demand for a ski condo in Colorado in May (mud season) or October (cold but no snow).

Yes, there are elements that are undesirable and I don't see were I live by the beach, but such are not a majority.What surprised me first is the ratio of property price vs. rent.

I usually estimate based on the cost of materials and do the work myself, for example:used or new toilet: $20-$90plain white sink at lowes (order online): $40used or new window: $20-150used or new door: $20-150bathroom mirror: $10-20sheet of drywall: $10bucket of mud: $12sheet of 1/2" plywood: $20laminate or tile flooring: 1-2/sq.ft.5 gal of paint, primer or polyurethane: $50-100used or new cabinets: $0-600laminate countertop: $50-200used fridge and stove: $100-260new water heater: $220If you don't know how to make certain repairs there are lots of youtube videos that you can learn from.

It doesn't make much sense to do $250 per door on a new building, since everything is... well.... new.Conversely, if a building is older, you might want to set aside more than 10% to prepare for the items that are bound to be coming up in the near future.Hope that helps clear up the mud a bit!

In your case "bumpy" can usually be fixed by a good taper/mud guy.

I would not recommend using any drywall mud on paneling.

I didn't realize we were having to sling mud to try and influence other investors.

A month to month is great because this helps against getting stuck with undesired scenarios.

Clear as mud?