Two reasons:  1- it creates a system for you (same person always takes care of the lawn and is on a schedule) and everything runs better on systems2- it keeps the property looking nice (home is mowed at regular intervals) 

That's why NOLO created a legal guide for Landlords that covers every state . . . except California, which gets it's own book.The OP is in PA and I see no evidence of a requirement to paint at any particular interval.

Next moving down or to the right, however you want to setup your time interval you will put each period's net cash flow.  

We use month-to-month rental agreements and it is easy, because if we can't come to an agreement about what to do, we can terminate the agreement at the next monthly interval.

You then also have distributions to those investors, at some periodic interval.  

Or.... insert any number of bad outcomes here) ... bottom line is that you're left holding the bag and 100% of the liability for the house until they decide to buy it from you.The smart way to handle this is to get them a construction to permanent (A "C-P" loan)  financing loan, sell them the land, and build the house getting paid by the bank in draw intervals. 

Larger needs at a younger age I'd suggest you match your needs to term policies, just cover the time required at different intervals of your life.

Would property taxes be set at short intervals?

I've been doing remodels at intervals.

The time of the notice must be at least as long as the interval between the time rent is due or three months, whichever is less."