If you go that route, LL should be asked to pitch in and compensate in some fashion for the additional expense.

I have been looking to get into a property in a very similar fashion as yourself and have posed the same question to my mortgage broker.

I know we all have to start somewhere but honestly I don't think I would place any property under management with anyone who has no experience with management or who had no experienced party on board for training and start up in the beginning.I'm sure you can accomplish your goals but you might have to re-tool or tool up in some form or fashion.

Last company I used was a disaster, no professionalism and failed to provide completed reports in a timely fashion.

I suggest you do that too.If you were going to begin investing and dealing in diamonds, don't you think it would be logical to understand what those rocks were, how they cut, what different grades were, why they are used in industry and for jewelry or simply left as investment grade before you jump in and start dealing in this area?

For the latter, one of the items I've come across is of course how to finance deals, in particular, the good ole fashioned way of securing a loan.

I'm a wee bit old fashioned but I like to have at least the availability of funds lined up before I purchase project properties.

But to answer your questions in a little more detailed fashion:- Vacancies vary between region, but if you assume that a tenant stays for one year, and then it may take you a month to clean up and get a new tenant, you can use about ~10% of the rent.- I'd probably set aside ~10% of your gross rent for maintenance/repairs (you'll want a reserve built up for those big capital expenditures that pop up)- look up property taxes for your area- get some insurance quotes to get a more accurate insurance estimate- property management typically 1 month's rent (8.33%)- Determine if you'll be paying for any utilities

I pocketed 2k profit per weekend selling hand made glass jewelry.

As a multi business owner AND REI of a couple fashions, my best and easiest experience is doing what I first suggested, find a smaller local bank, 3 branch offices or less, make a relationship, make sure they do portfolio lending, and you should be set on everything from RE to the car loans.