The main downside is being dependent on the HOA—issues like poor management, rising fees, or unexpected assessments can hurt your investment.

If it turns out that the tenant clogged the drain, we give them one warning and after that we charge them.

Be prepared to face fluctuations in the market, unexpected repairs, and tenant issues.

One of them being you can't charge more than one month security deposit.

I’d love to hear your experiences, especially if there were unexpected benefits or challenges.Looking forward to your insights! 

Screen tenants thoroughly, have a solid lease, and maintain an emergency fund for unexpected expenses.

Should I charge her a prorated amount of the original rent or the increased month-to-month rent for January?

I was really excited to be a real estate investor but having 3 out of 4 tenants break leases and cause excessive property damage as well as unexpected turnover cost from excessive damage, is making want to get out.Thank you for your any input you would like to share. 

Although some unexpected costs arose during renovations, close collaboration with Carol ensured the project stayed on track, resulting in a successful outcome.

Budge for unexpected repairs.