There are a ton of tools and resources that not a lot of people know so doing some YT watching and their training helps immensely. also, happy to answer any questions you might have on set up / operations.

And, I think most women would choose a midwife that has gone through pregnancy.Like the OBGYN situation, there is a lot a CPA may not know about the rental business from debiting and crediting some journals and filling out line 242 on some Turbo Tax input form.And, understanding the operating details of the rental business are just as different from preparing a tax return as being pregnant is from delivering a baby. 

Operated as an executive high-end rental for 2 years and cash flowed nicely while rented.

Hello @Yvonne Wang,The scope of work should include the following:- Basic info: Property address, client name, contractor's contact info, address, license#'s, signed general/operating agreement b/w contractor and client- Specification of repairs: Repair item, Quantity of items needed, total & per unit cost of items, taxes (if applicable), Completion hours, title of the person responsible for the repair item, written summary describing the work- Add'l info: Schedule of repairs, additional payment schedule details i.e. disbursement schedule, method of disbursement, deposits, holdback amounts, etc.The screenshot below highlights a couple of repair items.

Cash-flow is for "keeping the lights on" as in covering operational expenses to defend against any need for additional capital investment. 

Talk to other clients, go look at his current job site and see how clean it is, the quality of work, if the order of operations is making sense so far, etc.PS I'm a GC in the Nashville area and can take on a handful of clients in 2025 if you need me.

However, I enjoy the more operational side of flips and would like to grow my business out of state to increase flipping volume and have less competition in finding deals.

Rent Per Unit $‎650 $‎700 Other Income $‎750 $‎800 Less Vacancy $‎(3,120) $‎(3,360) Operating Expenses $‎18,790 $‎19,809 Repairs $‎4,000 $‎4,200 Capital Expenses $‎2,000 $‎2,100 Landscaping $‎1,500 $‎1,575 Utilities Vacant Units $‎288 $‎302 Property Taxes $‎6,000 $‎6,300 Insurance $‎1,500 $‎1,575 Management $‎3,002 $‎3,232 Other $‎500 $‎525 Net Operating Income $‎41,241 $‎44,831 Financing Expenses $‎22,224 $‎22,224 Cashflow $‎19,017 $‎22,607 Down Payment $‎21,000 $‎21,000 Cash on Cash Return 90.55% 107.65% Keep in mind, this return doesn't even include the principle pay down on the loans.

With less experienced or just poor planning operators, it isn't uncommon that they spend years distributing all the cash out to the owners, and then the time comes for a multi million dollar refresh to maintain the hotel brand, and no one wants to cough up the money back into the entity.

You will be going up against larger operators with bigger budgets and more experience.