What about calculating maintenance and vacancy.  

You can't do any maintenance or repairs on the property yourself - a property manager is usually recommended.

My dad worked as an apartment maintenance 25+ years, so now its time for him to take his expertise and have him being the one running the show instead of making someone else richer.Im here to learn and to be a resource to anyone, I know from experience everyone always has something to offer regardless of experience or education.Hoping to connect with some investors, builders, property managers or other like minded individuals

I budgeted for $50/yr per unit, current assoc dues are $125/mo per unit.How much deferred maintenance/repairs should be in the budget considering association dues cover all common parts?

So that I can not only buy and invest in properties, but also to continue my education and learn as much as possible in the construction side of the business to be able to be resourceful and educated in the building and renovation/ maintenance process as well.I look forward to making connections and learning a lot here.

We prefer distressed properties for numerous reasons such as increased returns through sweat equity/forced appreciation, and what we fill will be lower long-term maintenance as our properties have received significant if not complete remodels.

One question, what are you allocating to monthly repairs/maintenance or do you already have a reserve for this?

The income/expenses are as follows:Asking Price - $245,900Gross Income - $2,790 p/mAnnual ExpensesTaxes - $5,237 Insurance - $1200Lawn maintenance - $870Fuel - $636Electric - $240Water & Sewer - $2029.94Its over 100 years old, which is typical for the area.

So make sure you have enough reserves in the IRA, not just for the purchase of the properties, but also for any expenses that may arise, including maintenance, insurance, etc.

You may consider drafting a letter advising them of the transition and who to contact for maintenance issues, etc.