Manager shall be paid by Owner an hourly fee of $50.00 per hour for Manager’s time expended in (i) tenant vacating and key turnover; (ii) inspections, including for beginning inventory and ending inventory; (cc) city inspections; (iv) waiting for utility companies for providing or repairing services; and (v) eviction proceedings, including but not limited to court proceedings and time at Property for court enforced eviction.

I don't want to expend that much because then I won't be able to buy more properties.

I am totally new to real estate investing (other than the primary home we own), and know nothing about maintenance/repairs or the costs of contracting someone to do this on a potential home (my now ex was in the home renovation industry, so he took care of all this)-- but I have the expendable income that would allow me  to afford improving a property if it is  in need of a little care.

There are times when a professional response does mean expending more dollars than the booking brought in.  

And what happens after you've expended all of the time, yet we need you to do more? 

I guess your list has some expendable cleaning items, laundry items, etc. 

Account Closed  but only if you know well how to rehab and control the possible issues, is riskier and thus more profitable.One a last note, you said you will live in the house, remember your standards of living can be superior to the ones typically required by the renting market, be careful to don't over expend in the rehab if your market will not require it (if you install granite counters and SS appliances maybe you will not necessarily be able to rent at a higher prices than houses close by, but on the other hand you may be able to rent quicker and not have vacancies for long or have a bigger pool of candidates to choose, which is always good) Best luck

If you have expendable cash and don't want to live in a rehabbed house for a year or more, then maybe the BRRRR method would be best.

At year 10, he is paying 25% more than his beginning rate.Seems someone influenced his thinking, he doesn't seem unreasonable or sophisticated and no you aren't being greedy I'd say.The real issue is the graduation of increases, any lag time in paying is simply an present value determination of amounts he lags behind in paying and it being made up in later years.Maybe said another way, if you want 700 a month and want to pay 500, loan him the 200, charge him interest on it and set his payments off on paying that into the future, when he then pays the current rent plus he begins paying for the amounts he was loaned.I don't like hitting a seller up with options in an offer, this or that or that, but in a long term lease with a tenant who is in there, you can give options, pay it this way or pay it this way or that way, each yield about the same thing to you but the differences can be in cash expended, loaded in the front, the back end or annuitized evenly over the term.Be careful in setting caps and accruals as he can get hit with what I'd say would be significant increases.

Then I considered all that my hands had done and the toil I had expended in doing it, and behold, all was vanity and a striving after wind, and there was nothing to be gained under the sun."