What are tenants expecting in terms of updates?  

@Patricia Smith Even if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

While I was open to carrying a note, I wasn’t going to go that high.Unfortunately, there’s been an unrealistic expectation set by the gurus that relying on seller financing is a viable strategy for buying a business.

From my experience you should expect a 10% to 15% of gross revenue for repairs/maintenance. 

Safer assets like a T-Bill allow you to borrow 96% of the value where blue chip stocks like Apple are at 70%.

It's costly but that's what is expected.  

Did you expect it to be that lucrative when you made the purchase?

I think expectations on it impacting inflation is overstated if this is the case, and it breaking the country's back too.

For a tenant who has only lived there for a year, the expectations for normal wear and tear are lower.

My take on this is to underwrite purchases based on expected LTR rents (I like rentometer and the BP's own rental estimator), but start charging 1.5x that rent for your MTR.