Doing the work yourself with a $20k repair budget?

Even IF your rehab stays perfectly on budget (if you haven't done a ton they typically don't) you'd still be "losing" about 10k of your liquidity on this house.

Id also say most people just dont know how to get the rehab done with in budget.  

@Benjamin Hemingway If your plan is to house hack then you should ignore the $40k properties and only buy the nicest ones in your budget.

New: appliances, counter tops, flooring, roofs, AC, furance, etc... can kill your budget/numbers.

(Great for follow ups)The actual response rates you will see greatly depend on the competition in your market, however these are the averages we have seen.Once you have your budget and campaign planned, execute.

I'd love to hear from PM's on their best practices or options and landlords as I want a great tenant but also want to manage my VR to keep it as low as possible (and yes I do budget for 5% VR annually).

If it's really noticeable, then I would address the sagging if it's in your budget.  

If you also use a bookkeeper to keep the LLC's books, you need to budget for that. 

Maintenance requires specialized knowledge, and hiring a great manager is not as simple as knocking on doors until an existing resident says “yes, I will be your manager”.Capital improvements - Determining what capital improvements will have the most impact on the park, and properly budgeting for them.Contractors - Understanding the right kind of contractors to hire is critical.