I know foundation and roof are really expensive, I know floors and walls are perhaps less expensive.

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.

For me, a self-managed, cosmetic rehab (exterior/interior paint, flooring, new fixtures) in KC is around $15 to $20/sf. 

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.

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.  

Purchase price: $15,000 Cash invested: $8,600 Sale price: $74,500 2000 mobile home; 1152 sf; 3/2; 2.88 acresWe did minimal rehab - replaced a toilet, painted, replaced carpet with laminate flooring.

Add-a-lvls, bump outs, new construction, open floor plans, etc... 

Scrape off the old paint, clean it and prep it entirely before you paint.

We live on the 2nd floor and rent the first floor.