I currently work as a full-time Operations Manager for a Business Solutions, Equipment, Chemical and Paper company off of Swan Island which keeps me pretty busy.

I feel so ill equipped for tomorrow but it is a learning experience at the very least so I am not going to consider it a loss of time if it doesn't end up a good deal. 

You'll be better equipped and knowledgeable from this experience and ready for the multiple unit property you are looking into.

In terms of numbers here it is:Property price: $55k (was $60 but will full money down I brought it to 55)Renovations with equipment for all 4 apartments: $35k-40kIncome: 2 x $320 + $270 + $220 = $1130 monthly The money from the renovations will be taken from the bank: $270 loan/monthlyIncome tax is 3%: $406/yearRent I need to pay once I sell my apartment: $350-$400 Roughly will let me about $800 a month. 

I came home from work a couple months ago, I had to tell my wife that I had just spent $600 on lawn equipment and didn’t talk to her first.

Remodeled the existing pool including new drains, new plaster, new tile, new coping, and new equipment.

Apparently he hired someone who can't speak English well to rewire the laundry equipment and now some of it isn't working. 

I have 3 plow trucks , service van ,and 2 equipment trailers all bought used , and have less than $40K in all of them and these vehicles make me money .  

As for cost, you'll save  money by offering to pay by the hour for his labor only,and buy your own equipment.

Hi Jason,Just some random thoughts on this to bring your knowledge up a little.Everyone is different in how they do this--sometimes the lender will dictate certain amounts for certain things.Some people ride motorcycles without a helmet, some always wear seat belts.It also depends on how deep you pockets are, a Policeman owning the same SFH as a Brain Surgeon might want to have more set aside just in case.Some make a CAPEX, list for their guesstimates of CAPEX outlays based on the HUD guidelines in years of service life remaining for each item.But in (for instance) areas of high winds, things like roofing replacements and insurance reimbursements complicate this.You need to budget for turn cost, and wear and tear also, (re: wear and tear; carpet physically wears out over time, vs. renter spilling red paint on it--where you would charge that to the renters security deposit).The costs in the future will either come from the renter or come from YOU, vacancies, wear and tear, equipment failures, etc...The ones that will come from you, need to be budgeted for--unless you have deep pockets and the amounts seem frivolous to your expendable income and you believe you can just cover them easily.Some people can afford to buy their secretary a new car for her birthday, some have their families huddling around the table eating one can of cold beans for dinner--Ole' one can of beans might not be able to meet the financial needs of CAPEX when it comes due unless he sets it all aside ahead of time.Good Luck!