Depositing the rent every month isn't a big deal, but cleaning the unit when you have a turnover can take a bit of time.

I realized, I dont have a method for tracking my expenditures.

A better method is to be added as an authorized user on a well aged credit card account that has low usage and perfect payment history.

A better method than using percentages in my opinion would be to total up everything you think the property will need to have replaced during your hold period for example 1 roof, 2 water heaters, 2 floors, 2 furnaces etc., 1 driveway, 1 porch, 20 windows... whatever Capex you anticipate doing while you own it, and total that up then divide the number by the number of months you plan to hold and use that as your Capex allocation instead of a percentage of rent.

It won't surprise anyone to know that there is a fair amount of hyperbole out in the media these days.Fortunately, NY lawmakers have not mandated (yet) the method of payment or lease terms that landlords must accept as part of running THEIR business.So, for example, I only offer M2M leases, and the local HA requires a year lease to issue vouchers. 

I look forward to hearing about everybody’s experiences on this method of REI.

We have a good cleaning team and handyman if needed.It isn't that hard really, but remember, your usage must be 14 days per year or less if you want to take advantage of all the deduction of expenses for running a vacation rental home.As far as loans go, we just applied for a 2nd home loan and that was that.

It's clean and functional.  

I'm curious what methods most investors in the area use to successfully source their deals.The rehab process is probably where I could use the most guidance given I have no background in the industry.

@Rush Wall, I have not used direct mail, but heard of others using that method successfully.