Is $80K a random number you put in or an actual estimate?  

I guess they wanted the glory without the grind.By the way, Keller Williams had Baylor University do a study and they found that if you make random calls into a selected area, after 12 hours of calls, give or take, you get a deal.

That's to protect the investment and ensure one random event doesn't implode the whole deal.Then I look to do lower cost (to me) but high effect (to a tenant) items, paint, flooring, appliances, new gravel on a driveway...A few years into it, even if values in that neighborhood have also grown by then I should have a house above the mean rather than below. 

If their renewal is long way off, you could do a spot inspection and if you find anything in disarray or that goes against the lease they signed you can order them to rectify and say random spot inspections will be conducted [with a 24 hour notice, of course]. 

We found out that they actually tried setting up water in a random name but the water company declined. 

@David M.I would strongly suggest taking some random listing or even the home you live in, and calculate the figures for what it would cost to remodel it like you plan to do for your flips.What I mean is calculate the square footage and go down to home depot and actually run the numbers on how much paint you'd need, flooring, cabinetry, etc.

Random thought maybe, but just wanted to see everyone's take on it.

Ok so here's a random thought that one of my kids (grown) put in my head  a few days ago.My kids know a lot of people, young, raising a family, stretched to meet their own mortgage payments, etc. 

But for random trips to HomeDepot, I just enter the info into QuickBooks and toss the receipt.

@Ernesto Hernandez gave me a call randomly one day to chat about the Indianapolis market, and he's already doing big things out there and creating a TON of value for the community.