The longer it takes you to deal with the unexpected, or have to pull permits, etc. the more it eats into not only your actual reno budget, but longer you are carrying the property-paying taxes, insurance, utilities, etc. with no income.

However for the STR process, many things are required to be updated to building code requirements - GFCI outlets, Handrails, Windows, etc.Once you have the inspectors out and they have approved the home, remove the sign on day 16 and wait for any objections.

I just went through the same thing but for minor stuff like loose toilet, missing outlet cover, no vent in half bathroom and water stain in ceiling.

Outlet covers on, smoke detectors, CO detectors, doors working, windows working, electrical wiring not exposed at all from the ground up 4ft (even in a garage or unfinished basement), GFI's in bath and kitchen, railings, etc.

@Mason HickmanAgreed.The COVID-19 caused really rapid increase of M 2 in a short period of time.Short term, the negative effect is obvious on rental late payment, disruption on various business, etc.I just felt like it might a huge positive effect on real estate price, unexpectedly to most people, due to M2 increase.Who knows, just gut feeling.

Hey BP Fam, Currently in a really tight situation with one of my projects and could use some advice. One of my projects that was supposed to be a gut cosmetic job has turned into a foundation nightmare. I need extra f...

If there isn't an additional $250-$350/month at minimum, it's going to be hard to cover any unexpected repairs (the number might be different in your area).- In looking at some properties before you meet, you might find a great deal, in which case you have an excellent conversation starter with a potential partner.This should give you some options to present to someone who is more experienced so they can answer some questions you've encountered, and you can start to zero in on the best areas to invest for a return, even if you don't find a perfect property right away.Hope this helps!

Also, you may have unexpected repairs.

Having reserves for these items is better than footing unexpected bills out of pocket.

The list contained some minor things, like cracked outlet covers, and many major things, like a deck with rotting support beams, broken windows, a half-installed dishwasher, lights that don't work, etc.The company hired contractors that did not fix any of these issues, yet reported that they were fixed.