The best deal I can find today is one that you buy cash, invest a rehab and when you pull out 75% of your ARV you leave maybe a small amount of money in the deal and you break even (BEFORE DISCOUNTING FOR VACANCY, REPAIRS, etc) Yes that means you leave like 10-25k in the deal and your payment becomes $3000/m and your rent is $3000 a month or slightly less.This is for my local market and for Class B or higher RE. 

It's a good practice to overestimate costs and underestimate after-repair values (ARV) to keep your expectations realistic.

There are ups and downs with any property and there will always be variables with tenants, rents, repairs etc.

This can cover unexpected vacancies or repairs.

I am invested in a small multi family in TX and the management was not able to fill the property and do repairs and the income has dwindled badly.

I just go in at the first of every month and code each line item to the corresponding property and note what the expense was for (Repair, HOA Fee, Mortgage payment, etc).

They offer a $10K repair fund to fix damages in addition to SD plus warranty for appliance repair etc.I have no say in whom they choose to move in, whether there are animals, limit on # of occupants etc. they reserve right to inspect property so i have no idea if they can tell me to remodel, paint etc.does this make sense i have a vacancy coming up in October (bad rental timing).

Additionally house tenants bring more of their own appliance, like refrigerator, washer and dryer; which means tenants are responsible for repair and replacement of their own appliances. 

You will have holding costs along the way with repairs, maintenance, taxes, etc.

@Gene PanicciaManagement fees vary, but it's not uncommon for a PM to charge fees for managing tenant-paid utilities or coordinating repairs.