I'm using a property management software (TurboTenant) for rental applications and screening reports, and they charge each prospective tenant $45 for this service.However, the Wisconsin State Legislature states that the landlord can only charge the actual cost of a credit report (up to $25).

That means creating a clear budget, forecasting cash flow, and maintaining a detailed financial model that tracks both the current and future performance of your portfolio.Tax Optimization & Risk ManagementBeyond financial clarity, strategic tax planning and risk management are essential to safeguard and grow your real estate investments.

@Adam Poffenbarger are you self managing? 

Regardless of whether the owner turns a profit, brokers are called up on to sell, lease and manage, lenders will finance, contractors (often affiliated with PM companies will be called upon to put out the constant fires).

The tenant supposedly had complained for months to the property manager that the furnace was not working.

Hire a property management company who will manage it for you.

I don't currently have any investment properties, but will likely work with a turn-key property managment in the Memphis/Little Rock area.My goal is to build a good cash-flow portfolio to ease into retirement. 

You must learn to manage the property well.

I’ve been in the STR game for 6 years, managing multiple properties, and here are some of the tech tools that have been game-changers for me—both for evaluating and managing properties.   

We have two properties in SLC area and manage from out of state.