The more you know about what is involved in renovations and repairs, the better suited you will be to take on any project.But, real estate is capital intensive.  

However, if you're set on managing it yourself there's plenty of websites and apps you can utilize for rent collection.Some may or may not include messaging for requests such a repairs or maintenance, but if you're looking for rent collection there's quite a few options on the market that are affordable.

:) Its generally a good idea to know the condition of a property or level of expected repairs so you can anticipate those repairs and build them into your bid for the property.

It will help you manage request for repairs/maintenance requests, notify when you are getting a lease coming due, and perform superior accounting verse other more watered down apps.  

Their approach resembles the BRRRR method.For example, we have a 3-bedroom, 2-bathroom home in fair condition (requiring less than $20K in cosmetic repairs) that has been on the market since August 2024.

We would handle the guest communication, coordinating cleaning, minor repairs, stocking supplies, calendar management, etc.

I'm looking for a 10-20 unit, built after 1960, needs repairs and the unit mix are 1 bed and 2 bed because most people don't rent out 3 bed.

If you don't allow someone to access the property when they paid to do so, that sort of thing.Negligence is when you don't make a repair and someone is injured.

Here are the numbers I know so far:Rents4 units all currently occupied on one year leases- #1: 1/1 $995 monthly- #2: 1/1 $995 monthly- #3: 1/1 $995 monthly- #4: 2/1 $1,100 monthly- Gross rents: $4,085 monthlyExpenses- $12,070 taxes annually- $350 monthly insurance (my estimate, they have liability only right now)- $175 monthly landscaping- $120 water (electrical on separate meters, tenant pays)- Total expenses: $1,651 monthlyNOI around $2,434 before vacancy, maintenance, and management (although i would likely self-manage these)Property needs about $50K in other repairs and udpates from what I can see.

I would make sure they are both up-to-date on repairs and mechanicals before investing in a third asset that could have repairs come due all at the same time as your others.