Probate in CA is another item last I've heard its around 46K fee for a 1 mil gross estate.  

It is a rare off-market property that does not involve work and/or have risk items.  

Companies and even military bases can close down and move away, but this is highly unlikely with state University. 

If I were you (and you meet the items listed above), I would definitely still move forward with licensing since you already have the property.

It's also important to remember that low maintenance costs don't last forever, and that will an increase expense item as time passes. 

For the most part its just health and safety items, which are items we should have remedied anyways.As someone else mentioned, biggest thing to avoid is having the house tagged as vacant which the city will do if it sits empty for too long (handful of months, grass not cut, etc).

The 25K would go towards a rate buy down.As far as accounting for cap ex and maintenance for newly replaced/updated items, I'd still recommend doing it.

Covering most of the routine maintenance items here. 

With two years left until military retirement, prepare for retirement and investing by building cash reserves, developing multiple income streams, and growing education.Good luck!

I am also looking for information regarding fee structures, and what item's that should be and should not be included in the management fee calculation.