Noise Aware Monitoring= $99/yr  - Supplies: Coffee, trash bags, linen replacements, toiletries, TP/PT, cleaning supplies, etc..- Subscriptions: Netflix, Disney, Cable, etc..So it is really hard to say what all of your expenses might be, as far as basic PM softwares, you can get by with less than $50/mo.

If you use a credit monitoring / report service like TransUnion, you can see exactly when the hard hits will drop off your report 

As an out of state investor, you WILL get ripped off in the Memphis market paying 30-50% more on every transaction and where the management company counts on emergencies due to their negligence in monitoring tenants, properties, repairs, etc. 

I think you need to find a reason to get into the house every few months just to monitor the situation… Even if it’s just to “check the smoke detectors” or something like that....good luck! 

Boiler System:How it works: heats water to produce steam for heating and hot waterWhat it does: provides heat and hot water for a household or buildingWhat can go wrong: malfunctioning components, leaks, pressure issuesAverage repair cost 2023: $500 - $3,000Furnace:How it works: burns fuel to heat air that's distributed through ductsWhat it does: provides heat for a household or buildingWhat can go wrong: malfunctioning components, dirty filters, pilot light issuesAverage repair cost 2023: $300 - $2,000Water Heater:How it works: heats water for use in sinks, showers, and appliancesWhat it does: provides hot water for a household or buildingWhat can go wrong: malfunctioning components, leaks, sediment buildupAverage repair cost 2023: $200 - $1,500Gas Meter:How it works: measures the amount of gas being used by a household or buildingWhat it does: helps accurately bill for gas usage and monitor usageWhat can go wrong: leaks, malfunctioning components, inaccurate readingsAverage repair cost 2023: $100 - $500Electric Meters:How it works: measures the amount of electricity being used by a household or buildingWhat it does: helps accurately bill for electricity usage and monitor usageWhat can go wrong: malfunctioning meters, faulty connections, inaccurate readingsAverage repair cost 2023: $100 - $500Plumbing:How it works: distributes clean water and removes wastewater and sewageWhat it does: provides access to clean water and maintains sanitationWhat can go wrong: leaks, clogs, low water pressure, faulty fixturesAverage repair cost 2023: $200 - $1,000Roof:How it works: provides protection from weather and elementsWhat it does: keeps a household or building dry and structurally soundWhat can go wrong: leaks, damage from weather or debris, aging materialsAverage repair cost 2023: $300 - $3,000

When you're satisfied and trust that they will do what they say, the investment becomes passive and you just need to monitor it.Have you thought about non performing notes?

If an ADU is on site, I will have to tightly lock up the ADU and closely monitor so the tenants do not sublet it.

The first is necessary and learning how a model flows, how changes of income, expenses, waterfalls all effect the overall returns.The second requires market knowledge and monitoring, research reports, experience in the market (either personally or through others), etc.  

It puts the responsibility to monitor their roomies activities carefully.

That includes the costs of marketing, paying taxes, coordinating reservations, 24/7 concierge and maintenance monitoring, paying for consumables, etc.