Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

. / month: $125 (not including the homestead tax exemption)Home Insurance Avg / month: $108 (I'm actually still looking for a good insurance agent who can help me with this)General maintenance/ wear and tear budget: $100Vacancy rate estimation: 10% of gross rent, or $150Property management rate: 10% of gross rent, or $150 (I'll be self managing, so I'll pay this to myself!)

However, I was thinking about a scenario in which we may have outside costs that come up, such as maintenance, repairs, or annual taxes.

You are permitted to enter with notice to do maintenance.

That way your extra cash flow can help in the event of slightly higher vacancy or maintenance while you figure out your management situation.

We finally got a meeting with seller and find out lots of maintenance issues.

How do your capex and maintenance numbers on long term hold rentals compare to your assumptions?

Bottom line being you’re getting paid, you don’t have to deal with turn over and hopefully he’s a low maintenance tenant.

Once you get familiarized with the routine tasks then start to take on more

It's pretty much completely hands off where they do all the renting, calls, money collection, maintenance, lawn/snow care, etc...