All properties require maintenance, you'll never get away from that, but BIG expenses are (mostly) avoidable in the near future if you buy right.

That may be fine for a homeowner deferring big expenses because they are in the house and tolerant of that choice, but tenants in properties with continuous maintenance calls and poor fixes tend not to remain in place. 

I would use these figures as a starting point and make adjustments based on your area:vacancy - 5%-10%General Maintenance - 5%Cap Ex - 5%?

There will be other costs from the PM if there are maintenance calls and other expenses for the property.Here is what I look for in a PM:CommunicationThe PM should be able to return your call/text/email within the same day, or at the latest, within 24 hours.

You're buying cash flow, very little potential for appreciation, and high maintenance tenants.

,I know I need to file taxes, do the bookkeeping, screen tenants, have strong leases, insurance, and know a bit more that the average dame when it comes to structural issues and maintenance since my parents were builders.  

When your tenant moves out if the property sits vacant for even one full month you have used up over half of your allotted budget for vacancies/maintenance/capex. 

That is a pretty routine procedure for just about everyone I deal with from wholesalers to realtors to homeowners. 

Of almost 400 properties that we manage, our average tenancy is almost 4 years, our days on the market are considerably less than most of our competitors, and our average annual maintenance on our homes (including inspections and preventative maintenance) is less than $900/year... that includes all the major maintenance as well (roofs, furnaces, plumbing issues, etc.)It seems that many investors consider property management as just a convenience, but I think that it is much more than that.

A few properties I ran are showing cap rates above 15% even with high maintenance and repair budgets and the taxes.