Your biggest challenge will be what to do when something goes wrong: nonpaying tenants, maintenance, mother nature damage, etc.Recommend you include these in any management agreement you sign, so you're not overcharged when you need these services.

Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

This prevents the foreclosure from damaging their credit for years, but also does not return equity.The homeowner may consider selling the house on the MLS or FSBO.  

The agreement is that your tenant will pay for any damages they caused.

We have allowed tenants to resolve past due debts or provide letters from previous apartment complexes confirming that damages or unpaid rent were not their responsibility.

Always be cautious of what you charge on things like paint, flooring etc.. most judges will use life expectancy and divide out a pro rated amount you could charge the tenant for excessive damage and not normal wear and tear 

Defending, These fall into a couple of groups, both nasty Eventually you will either face a Due on Sale clause, a seller bankruptcy, a court order in a divorce that affects the property or a fire insurance claim, a slip & fall, very bad tenant, storm damage, and the list goes on.

Tenant waives any claims against the Landlord for loss, damage, or theft of personal property, regardless of the cause.

How much damage was done to the fence? 

Management & Leasing FeesManagement Fee: 10% of the monthly rent = $180/monthLeasing Fee (Tenant Placement): 60% of one month’s rent = $1,080 (one-time)Lease Renewal Fee: $250 per lease renewalUpfront & Annual FeesOnboarding Fee: $350 (one-time for setting up the property)Annual Administrative Fee: $45 per year (for statements and 1099s)Reserve Fund Requirement: $300 (held for maintenance and expenses)Maintenance & RepairsOrdinary Maintenance: Any repair costs exceeding $300 require owner approval.Emergency Repairs: Up to $300 without prior approval; HVAC, plumbing, and electrical repairs can go up to $500 without approval.Home Warranty Claim Handling: $40 per claim (if applicable).Multiple Quotes Request Fee: $100 per request if you require multiple vendor quotes.HVAC Filter Supply Fee: $195 per year per HVAC unit.Repairs & Improvements: 10% markup over vendor invoice cost.Additional FeesInterest on Unpaid Sums: 10% late fee with a $39 minimum per month.Paper Check Administrative Fee: $20 per check if not using direct deposit.Insurance Documentation Penalty: $40 per month if proof of insurance is not provided.Eviction Protection Program (Optional): $15/monthProperty Damage Protection Program (Optional): $25/monthTermination FeesEarly Termination Fee: Equal to the management fees for the remaining lease term.Vacant Property Termination Fee: $500 if no tenant is in place.Transfer to Another Manager: $500 file transfer fee.