In regards to maintenance, when I bought my first property in this market I reached out to several trade businesses and explained my plan in the market and what my expectation would be if I used them, they were very appreciative as no one had ever done that, so as items come up I reach out to these places based on my need and they have been very responsive and eager to grow the relationship.  

That way when those big ticket items hit you, the money is there and magically funded by those tenants and NOT you :)   Great post! 

Our only limitation is the line item limiting a single expenditure to an amount specified, which we recommend to be $1000 - $1500, (with the cost to replace a water heater as baseline recommendation) again depending on our initial assessment of the property condition.

Garage door openers are a common repair item.

You'll also use these visits to understand rehab items and the associate costs. 

If after figuring for all those items make sure you are comfortable with the monthly situation regarding the payment.  

Here is what I always consider:TaxesInsuranceManagementMaintenanceUtilitiesRepairs (reserve for big ticket items)Once you have accounted for those items then see if the terms you get on the loan are less than the remaining funds.  

Red flags they look for: Inspection periods that match the closing dateWeasel clauses that give you a right to cancel up to date of closing without a bonafide reason.Not having earnest money in the game especially when combined with one of the above  Unilateral right to extend or do something without both parties agreeing to the change.Placing liens on properties without the intention of closing and not removing the lien if the contract is cancelled.This last item was one of the reasons the Commission has gone so hard after the "Wholesaler" from Florida.  

Just don't list ordinary wear and tear items.

Have the departing tenant fix any items that you and the other tenants believe were the departing tenant's responsibility.