In particular, the ability to auto-sync and categorize bank transactions (similar to Stessa), easily track expenses against budgets, and streamline lease creation with lease templates is quite nice.

Typically its the behemoths with huge marketing budgets who do well with this.

To avoid that, set a firm, realistic budget from the beginning and make sure you stick to it.

Your maintenance budget should be 10% * $24,000 = $2,400 Make the tenant happy!

Typically, if you have a mortgage, the mortgage company will collect taxes and insurance when you pay,  so there is not really any budgeting required for this.

Ultimately, it’s about what aligns with your budget, risk tolerance, and long-term plans.

That is more than 50% of the ENTIRE annual budget of CA for 2024. 

Also, the ability to find good deals with an accurate budget to complete the project up front from some good project managers/general contractors.

Personally, and what I would do for my clients, I would connect with a local community banker to discuss the property and see if their bank would entertain this type of financing (not all banks like doing this type of deal).

Very commonly the resident pays a portion of the rent so your rent increase will affect their budget and their lives.