Just trying to make sure my comments earlier were clear, I think companies like Norada would advise an investor not to accept $15,000 in future expenditures. 

No more than 15% of owners can be delinquent on monthly dues.The COA's budget must provide for the funding of replacement reserves for capital expenditures and deferred maintenance (at least 10% of the budget, not just with special assessments).

Landscaping $30.00 Water 100 Repairs $170.00 or 5% New Appliances n/a Capital Expenditures $340.00 or 10% City Taxes n/a Property Management $170.00 or 5% Vacancy Rate $272.00 or 8% Total Expenditures $2,936.42 Difference $463.58

There was a lot of interest in the first couple days, and within a week and a half my property manager was able to secure a tenant to move in by the middle of March.The NumbersMonthly Expenses/Debt - $982Property Taxes - $113Insurance - $112Property Management (8%) - $96Maintenance/Repairs - $55Capital Expenditures - $70Vacancy - $91Seller Finance Payment / 0% interest over 30yrs - $445Rehab - $7,500Income/Rent - $1,295PerformanceMonthly Cash Flow - $313Purchase Price - $160,000ARV - $180,000Cash ROI - 42.92%Total ROI - 103.92%Future PlansThis is a no-brainer long-term rental.

I want to ensure that I'm covering myself safely for Capital Expenditures; but are not some of these situations, not all but some, covered by the home warranty and with that do you subtract that amount of coverage from what I should budget for each month for Capex?

I would think that you could still claim the cost of the door lock plus reasonable expenditures associated with finding a new tenant and deduct those costs from the $200 deposit you verbally agreed to refund.

Your cash on cash should be calculated on total cash expenditures to get it "rent ready", not just the down payment.

The state will just "create" more jobs and defined public employee pension benefits to absorb that gain while structurally increasing their expenditures permanently

@Erin Spradlin I have no regrets having invested in my STR in the Smoky Mountains some 4 years ago and I’m actually now dealing with our 2nd natural disaster in the area with my first being the horrible wildfires a few years ago in the area that squashed almost all of a holiday season with significant expenditure on smoke damage.

I don’t like keeping properties past 5-7 years because the capital expenditures tend to become very costly over time like @Steve Vaughan mentioned.I also like what @Sam Shueh mentioned about the note buying.