Knowing what you are needed an income property to do inside your portfolio will help you narrow down what initial steps make the most sense for you. 3) New construction can have rate buy downs paid for by the builder and new construction comes with a lower repair and cap ex cost the first 10 years (usually). $450k is a big number when only $2500 in rent is coming in the door.

You may be able to deduct a portion of the property's cost each year.Repairs and maintenance: Expenses related to repairs and maintenance of the rental property are generally deductible.

@Michael BaumIn addition, you need to have reserves for the mortgage and unforseen repairs.6 months of mortgage payments would be good to carry you and fund emergency repairs.

I do however feel this is perfect for flipping, and paying for the repairs/materials.

Prior to this I looked into a PM but felt overwhelmed by the differences in service, pricing, lack of clarity on what I should be looking for and requiring...

You need to make any offers contingent on a sworn rent roll and a general contractor’s estimate of repairs and upgrades.

They don't have great customer service, but the policy is priceless.2.

The PM said the landlord called back a few months later asking to revisit their management service as during the floods, their current management did nothing, and now they have some issues.The second one was in a townhouse in a wealthy NYC suburb. 

Do they offer other services that you may need at one point.I only do home improvement loans today but have good referrals in the New York area if you want someone to talk to about lines or loans.Feel free to message or call me.Jason

Whether services are included in the rent or left to the tenant is a matter that depends on your preferences and the terms of the agreement.