And, as a Condo project everyone is sharing in the water bill by allocation of the HOA fee which should be increased if common area expenses have risen.

After paying closing costs, title fees, appraisal, origination, underwriting, processing, legal and other fees, the typical refinance costs about 1.75 - 2.5% of the loan amount just in closing costs (obviously before people yell at me, this varies drastically by state, but having done loans all over the country I find this to be a pretty accurate estimate).  2) Keeping the average 2% cost in mind and the fact that people typically refinance when rates drop about .75% - 1% or more, I wanted to see if paying an extra point now when I was already paying all the closing costs to buy the rate down made sense. 1 point can get you between .5% - .625% off the rate depending on the days pricing and the coupon you are pricing. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Maybe even $2,000 before my wholesale fee.

There are a few things to be careful for other than location like HOA fee.

("A real estate broker, for the purposes of this article, is defined to be a person, firm or corporation who, for a fee, commission or other valuable consideration, or by reason of a promise or reasonable expectation thereof, lists for sale, sells, exchanges, buys or rents, or offers or attempts to negotiate a sale, exchange, purchase or rental of real estate or an interest therein, or collects or offers or attempts to collect rent for the use of real estate or solicits for prospective purchasers or assists or directs in the procuring of prospects or the negotiation or closing of any transaction which does or is contemplated to result in the sale, exchange, leasing, renting or auctions of any real estate . . ."

This method provides several advantages against a traditional manager as I can cater my service and fees to the individual needs of my owners. 

There are so many VA sellers in this area who need help to move on from the purchase they made in 2020-2022 who now have a home that is either underwater (owe more on their mortgage than the house is worth) or cannot afford to pay the closing fees associated with selling their home! 

He understood what troubles I experience self managing from afar as well.There's no start up fees, no lease renewal fee, minimal charges of I find my own tenant using them to only place the lockbox and take photos, otherwise it is 75%. 

Property ARV: $450kTotal in: $350kMonthly rent: $4000Monthly taxes & insurance: $530[Loan 1] (via broker)75% LTV1.5% origination fee ($5062)Other fees: $1595 underwriting + $1295 processing (=$2890)Interest rate (floating): 7.25%5 years PPPMonthly P&I: $2,278Rent - PITI = $1,192***If appraisal comes back high enough, may be possible to do 80% LTV at 7.99%[Loan 2] (direct lender)70% LTVNO origination feeOther fees: $1,395 underwriting + $695 processing (=$2090)Interest rate (will not change): 7.375% 5 years PPPMonthly P&I: $2,152Rent - PITI = $1318---------------------------I really like how there's no origination fee with lender #2 so I get to keep more of the money I pull out.