Quote from @Anthony Sigala: We are all aware of the 1% rule--the gross rent produced by a property must equal 1% of the of the property's acquisition cost.

That's your cost. 

Once application is finished you can run credit, background and eviction report for $15 your cost, or charge tenant I think it's $35.

FlooringScope of Work:Replace carpet in bedrooms with engineered hardwoodRefinish existing hardwood floors in common areasInstall durable tile in wet areas (bathrooms, laundry room)Estimated Cost: $20,0004.

However, in California, each LLC incurs an $800 annual franchise tax plus gross receipts fees if revenue exceeds $250,000, and property insurance may cost more.

If you ever want to get into a tenant nightmare of costly potential litigation become a landlord, have the ac go out in Phoenix in July, and inform the tenant that you just don’t have the funds to replace it!.    

While it will not reduce the actual cost it will help with the monthly cash flow.I am curious if this was a single-family house converted into a double.

Can you give more details on your numbers, purchase prices, rehab costs, time to complete rehab, ARV, monthly rent?

Mailing/emailing a notice to "start the clock" doesn't cost much and should be done to NOT lose time if tenant doesn't pay.

Although the list may seem intensive, I look at it like this: The total cost of all these items can be much lower than the cost to repair a hidden surprise after purchasing a property to flip.