The renovation costs may include a contingency reserve and renovation-related costs.Contingency Reserves:Contingency reserves 10 % required for any unforeseen cost overruns that may occur during construction.Unused contingency reserves that were financed into the loan will be applied to the principal balance of the loan.

Either way, ensure you have reserves and run the numbers carefully to set yourself up for long-term success.Good luck!

Centralized Document Storage with Access ControlHave a secure, centralized system to store, organize, and share all company documents (e.g., contracts, blueprints, reports, scanned records, etc.) while managing access permissions for teams and individuals.2.

The HOA doesn't have the 10% minimum in their reserves account (savings account) and Freddie Mac won't lend on it. 

This isn’t just about bookkeeping—it’s about setting yourself up for sustainable growth.Many investors use a basic system with at least five accounts: one for income, one for operating expenses, one for taxes, one for marketing, and one for reserves.

That said, good tenants around here have their own washers and dryers, so I would end up having to store those appliances.

There were also no records of any people storing units on the site.

I would take a couple days and go down there (preferably with a friend...rent a U-Haul truck and go get furniture from thrift stores, antiques stores, and even buy some new stuff.

Thank you so much for sharing your story, I'm glad to see you chose the Success Stories thread because this is truly a success story and here's why •You had enough in reserves or in an emergency fund or the ability to get enough money somehow to fix these issues and that is HUGE in itself.

I know its a Massive catch 22  how do you start.. and what is the proper amount of reserves to have.. but as your gently alluding to anyone using ALL their liquidity and thinking one low end rental is going to get you to your as Morris calls it  ( Freedom Number)  this is ultra high risk.. much better to simply buy a REIT and let the pro's manage it.The risk of owning these assets is just not clearly talked about...