Be sure to get detailed, itemized estimates that break down the cost of each aspect of the work.Contingency funds: When estimating repair costs, it's also important to set aside a contingency fund to cover any unexpected expenses that may arise during the repair process.By taking these factors into account, you can develop a realistic estimate of the repair costs for flipping rental properties.

@Lauren Norman you will not be taxed on money set aside per se.. you are taxed based on income less expenses including depreciation. having a reserve is to ensure that you have the funds to cover yourself when something unexpected happens whether vacancies, repairs, etc.

My name is Andy Perez and I’m a college student looking for an outlet of becoming something more of myself.

Heading down for an unexpected business trip to Hickory, NC on our latest projects. 

This is how we got a deal for under 4k which includes the countertop and a full backsplash, Solid wood cabinets with soft close hardware.This is also the perfect opportunity to check your plumbing, or if you want to add electrical outlets or decide if you want a over the range microwave with vent to roof or outside.Start with the floors and build up.

If the Board fails to properly plan for expenses, it is not up to the Management Company to arrange or pay for unfunded repairs, although they do generally have authority to spend in the name of preserving further property damage or mitigating hazardous conditions that are sudden and unexpected.

I would also add 1-2 more countertop GFCI outlets.

To spell it out, let's say the guy who gets the jobs (the GC) needs a framer/drywall hanger (the sub). 

If I manage well, and the numbers on the property exceed what my expectations were, either because income ended up being higher than expected or expenses were unexpectedly lower, i may give myself a little bonus. 

We have personal savings to be able to pay for personal emergencies and big ticket things that may unexpectedly come up at our home residence.