I purchased a condo to use as a STR and the day after the sale was finalized we were advised that the dishwasher has been leaking for days, there is mold behind it, and there is water damage in other parts of the condo.

Originally posted by @Dawn P.

@Eric CalabreseA Milwaukee investor by the name of   @Dawn Anastasi wrote a short book called Investing in Milwaukee.

Hi Dawn,     Yes I can, the bank did offer that option but the rates for the HELOC were higher than the cash out refi. 

Two months later the dishwasher broke, so I had that replaced.

Some improvements to the property are:Exterior steps and walkwaysWasher dryer added in all unitsNew stainless steel appliances: dishwasher, microwavehood, fridge, stove  (all the old tenants owned their own)Flooring for the garden unit, refinished the other unitsGranite counter topsPatch drywall and fresh paint on walls and trimUnexpected items list to name a few:Foundation cracks - fixed nowBathroom vents not actually venting - fixed nowRoof leak patch - heavy rains following closing made it apparentAttic plumbing came apart in the walls - previous contractor may not have properly glued?

@Dawn Brenengen Hahaha yep, you found me.

If you are doing the work yourself then be ready every time a guest cant get in, propane has to be refilled, extra sheets were needed and cant be found, they had a dog that you didn't know about and there is hair everywhere and you have a guest checking in, they smoked weed or cigarettes in the home and you cant get the smell out, the sewer backs up, the dishwasher breaks................ good times friends!!

Thanks, Dawn

Some costs (repair the dish washer, carpet cleaning at unit turnover, etc.) are pretty fixed regardless of rent level.