CONTINGENCIES MAY EXIST: I understand the sale may be contingent upon Buyer's inspection and approval of certain items described in The Agreement.

And no lease in place is a sketchy item as well.  

Find a successful investor and offer to donate your time to him in exchange for getting to see the inner workings of his business. 

_____________________PIN The sale shall also include all personal property and fixtures, unless specifically excluded; all other items will be included, whether or not affixed tothe property or structures.

Obviously a bad idea, but statistically some people will get away with it, then come on the forums and say exactly what you mention, perpetuating the cycle.However as you start acquiring more properties, which I'm assuming is most people's goal on here - to have a substantial amount of passive income - the more individual properties you have, the more chance of at least one big ticket item each year.

Others have outlines items you need to include in your expenses.  

We dont like to accept any kind of paper money unless there is some odd circumstances or at move-in.I perform tenant screening and follow up on application verification items, as well as all the bookkeeping and processes.He gets first shot at any maintenance work that he can perform himself and bills hourly, uses my company Home Depot card for supplies.  

I also need to develop a list of items that I need to do right a way and things that I don't do, and provide that list to the tenant before we sign the lease.

We usually collect a deposit to cover special order items and permits (usually 10%) before the project starts then 30% upon inception, 30% upon half complete and balance when totally completed.

Several items stick out at me.1.