Over time the profit will come from owning solid cash flowing properties with leverage in growing markets and for me, especially with consideration of this unexpected appreciation of late, I have made substantially more utilizing turnkey than I otherwise would have.

Hello all ;I am in shock, and I need advice, who to contactfor information. Please advice.I own property (a condo exactly) in "hot" area, in Hollywood, CA.The condo is rented. I was checking the estimated valueon Trul...

Though there is debate in the industry, I have found that associations with strong (80%+) component funded balances weather unexpected or more expensive than budgeted repairs much better (i.e. no special assessment) than those that rely on a 100% for the necessary fund balance.

Over the last week, an unexpected deal has fallen in my lap!

Done well, you could become very financially successful in this model, and a lot of people LOVE this path, but understand that it does take time and energy, and sometimes involves unexpected time & financial hits.

I offer to help them set up budget bills to avoid unexpected increases and this works out well- they know each month how much gas and electric will be and can plan ahead. this won't usually be the case with water bills, but most tenants aren't watering lawns in the summer, filling up pools, etc. 

In addition, all of our CA Properties have positive cash flow with what most would consider conservative expense projections (example between $250 to $350 per unit for maintenance/cap ex and having miscellaneous expense allocation for expenses such as LLC charge, umbrella policy, attorney fees, unexpected utilities (such as encountered for a slab leak)), annual back flow test, etc).  

If there is a surefire way to make this work id love to hear how to make it work and protect me as much as possible from unexpected expenses.

Make a list on a yellow pad of every picky thing that needs completion: drywall, type of texture, electrical outlets, molding, all the interior trim, I assume you have pre-fab cabinets sitting in a garage if not - you need to, doorways and door hanging, all the walkways and outside hardscape are done?

It gives me enough room for the unexpected.