Account for all costs, including closing fees, holding costs, and repairs.

I perhaps naively went ahead with the registration and inspection after completing purchase of the home, and wound up with a hefty repairs bill of around 3k.

This can be especially helpful if you’re uncertain about repair assumptions or costs.If it’s a contractor you’ve worked with multiple times, involving them early in the process is often beneficial.

@Gene PanicciaManagement fees vary, but it's not uncommon for a PM to charge fees for managing tenant-paid utilities or coordinating repairs.

I feel like marking up repairs is paying twice.

Seller is the Agent.Seller bought property in January of 2023 for $730,000Current “As Is” Value : $770,000Target Acquisition Price: $730,000-$780,000 After Repaired Value: $900,000Repair Estimate: $120,000Initial Offer Amount: $715,000Loan Program: Bank Statement Program.Total Estimated Monthly Payments (Principal, Interest, Taxes, and Insurance) $5500/month (based on $770k purchase price)Estimated Gross Yearly Income from Short Term Rental: $160,000 (65% Occupancy, $700 a night| (STR Listing Comparable properties Listing 1 Listing 2 Listing 3)Net Monthly Income after management and taxes: $11,751.25Net Monthly Income after Mortgage Payments: $6251.25 ($75,015) Per YearTotal Cash Investment: $297,000 ($177,000 in down payment and closing costs and $120,000 in repairs)Average Yearly Return on Investment: 25% yearlyAverage increase in property value per year: 5%Average increase in booking revenue per year 7.5%Property Value average after 10 years: $1.5 millionTotal Cash received over 10 years: $1.3 million.Total Equity multiple min over 10 years: 6x total return on $297,000 invested.

I'm in Detroit now for inspections on one and to generate the scope of repairs on the other.

Take the time to break down what needs to be repaired and what upgrades you will be doing.

If the property does not require an extensive rehab and just needs cosmetic repairs then a standard landlord dwelling policy in most cases depending on the carrier.

It couldn't hurt to call a couple attorneys right away to see what they say in terms of cost and suggestions for dealing with this quickly.In terms of mitigating any legal issues with your tenant be sure you are documenting every conversation you have had with the HOA in terms of asking them to make the necessary repairs.