You need to pay attention to your finances.

For future readers here are the cost centers:-Loss To Vacancy-Collection Losses-Loss To Concessions (not these first three are "economic vacancy")-Salaries and Personnel-Insurance-Taxes-Utilities-Management Fees-Administrative-Marketing-Contract Services-Repairs/Maintenance-Capexand here is a breakdown for them backed up by a study referenced several times in this thread:2010 Survey of Operating Income & Expenses In Rental Apartment CommunitiesNote that these expenses are not all items you will incur each cash flow period and thus things like capex are inherently lumpy.

To piggyback on Jason's point- you really get an Asset Manager's attention with two things:1) Cash.

Where in LA will you focusing your attention on?

This should attract the owners attention.

Since Washington DC area is one of few areas with moving up trend, I will pay close attention to this neighbor and see if the house can be sold smoothly.

County does not pay attention -they just want more taxes- and that new development will change flood zones for your area.P.

Tacky yes they say but it sure gets attention.

I would go a little bit step further and say if you are a beginner, work really hard on your first deal with sincerity, maintain good relationship with your contractors, pay attention to every single little thing on your rehab and keep your investor updated with good and/or bad news.

You need to pay close attention to his bids and start to figure it out yourself.Originally posted by Tom Jones:3.