In the state of Florida, you should have two bank accounts, operating and escrow. 

and far less expenses during operation.

If you decide to operate one outside of their desired areas, they will come after you with hefty fines.

Are you doing the work yourself or what is your plan on tackling the operations? 

This is the kind of thing the bank you keep all your operating funds in should be happy to help you with. 

One thing I always remind people is it does not matter what is on a powerpoint presentation, the deal is dictated by whats in the PPM, operating agreement and subscription agreement. 

Lastly and before you think I am going to sell you a training program that cost thousands of dollars.  

Operated as an executive high-end rental for 2 years and cash flowed nicely while rented.

Hello @Yvonne Wang,The scope of work should include the following:- Basic info: Property address, client name, contractor's contact info, address, license#'s, signed general/operating agreement b/w contractor and client- Specification of repairs: Repair item, Quantity of items needed, total & per unit cost of items, taxes (if applicable), Completion hours, title of the person responsible for the repair item, written summary describing the work- Add'l info: Schedule of repairs, additional payment schedule details i.e. disbursement schedule, method of disbursement, deposits, holdback amounts, etc.The screenshot below highlights a couple of repair items.

Cash-flow is for "keeping the lights on" as in covering operational expenses to defend against any need for additional capital investment.