We are experienced with home renos and aside from rough in plumbing(if needed), major electrical upgrades and drywall (out of utter distaste for it) we will be accomplishing all renovations and upgrades ourselves.    

The tenant claims water is leaking from the shower door and it's happened so long that it's now ruining the floor and creating a major maintenance issue.

The major things like plumbing, electrical, and siding are all brand new in 2010 and the roof still has a good 10+ years left on it so my Capex will probably be put towards a new roof on the buildings come time. 

Details of the deal:  6 bed, 2 full, 2 half bath at 3,154 sqft.We are planning on converting into a 2 - 1 bedrooms and 1 -2 bedroom apartments, which will yield a monthly income of 3,454 in rent.Besides dealing with License and inspections for rezoning which is the project for this week, if 3,000 isn't paid to an attorney to handle these affairs, acquiring the funds to complete the rehab will be the next major obstacle.

Third, I feel that the market will drop in the next couple of years and would like to be prepared to purchase rental properties when that happens.Again, it is a major decision in my life, I really don’t want to screw it up for my family.

Also arrange a contact person for major repairs.

Unless the majority of your costs are for taxes and HOA fees, seems really high.

My company has over $100 Million dollars of currently finished and built properties for sale right now in four different states in four major markets: Park Slope and Caroll Garden Brooklyn NY ; the New Jersey Gold Coast overlooking Manhattan ; Center City Philadelphia prime Rittenhouse Square ; And dozens of oceanfront condominiums and single family homes along the beach in super prime Palm Beach County Florida.

Majority of the MLS systems I work with integrate directly with Zillow/Trulia, and some folks syndicate to hundreds of other sites as well.

I have one major requirements for my property manager and that is he is to contact and use my trusted and vetted handymen for all non emergency repairs and maintenance calls.