As expenses fluctuate (property taxes, insurance, maintenance items, etc), the cash flow will be up and down and unreliable.

Having a GC that will provide good documentation, itemized receipts, etc. will make the process much easier I've noticed. 

I think negotiations on knocking the price down on inspection items on value add will be huge especially if its a flip like you mentioned.

Alternative rent models (STR, MTR, rent by room, etc.) do not necessarily do better and are more work.  

Hey @Marie Copul, since you want to leave your job, I recommend focusing on a high cash flow business model within REI to begin with before getting into the lower cash flow (wealth building) models.So, flipping and wholesaling are the typical high cash flow models within REI.

Yes The utilities and common area cleaning are included into my expanded monthly cost. im modeling this closer to a hotel than a traditional rental.

I am joining to help/support others with their journey and also help me ACCELERATE my REI investing through peer support, coaching, and preferable has a model to follow based on one's goals.

Garbage disposals are my most often replaced items. 

Work out a fair revenue-sharing model, such as a flat lease or percentage of profits, and consider hiring a property manager for oversight.This post does not create a CPA-Client relationship.

Turnkeys are good place to start but don’t fall in love with the model.