You might consider starting with a small property that fits your budget and gradually expanding your portfolio as you learn the ropes.

To avoid that, set a firm, realistic budget from the beginning and make sure you stick to it.

There are cases of local governments delaying payment due to budget constraints.

The area is way to pricey for my budget so I do all my investing in midwest markets (Memphis and Detroit mostly).

This would need to be structured that if your rent is at or below your mortgage payment, the portion of the mortgage payment going towards principal is more than all other expenses (and hopefully more than budgeted capex). 

If your local market is very active and homes are selling fast, you may be able to get by with doing less.Your Home’s Condition: If your home is vacant or has a unique layout, using a professional stager who can bring in the right furniture and accessories may help buyers truly visualize its full potential.Your Budget: Talk to your agent to get an idea of staging costs in your area, as it can be the difference between your house selling and sitting.

Transparency is key- detailed budgets, timelines, and exit strategies will set you apart.That said, moving to a new home mid-project could add a lot of stress.

An extremely detailed scope of work along with an extremely detailed contract, are the keys to a project that is going to finish on schedule and on budget, without surprises. 

.- Full time maintenance, reservations, cleaning staff- Additional marketing budgets and resources.This is a brief list but a good PM can make more revenue than you can and can offset their fee. 

I live in Lebanon, IL and this property is also in Saint Clair County in Belleville.I plan on managing this at first, but want to build a proper amount into my budget.What would you recommend for budgeting for in terms of good property management in this area?