You get the lifespan and calculate how much you need to save for each item.

You will be high with some and low with other items, overall you'll be in the ballpark.

@Daniel Gibson @Bruce Woodruffthere is an active leak, which is the most concerning item.

This allows us to know approximately what we’ll spend during the renovation/furnishing stage after we acquire the property.BudgetWe go through our list of renovations & label each item as essential or nice to have.

If they ask for details just be clear on what each line item is, including the cushion.3.

Final item is that 30 year mortgage in all cases allow a greater leverage opportunity than a 15 year mortgage. 

But it will as soon as rents can be raised.Try to get as much information on the big ticket items such as roof, HVAC, etc. 

I'd ask the lender to itemize the closing costs.

Did you put in an item that you can decide each year to distribute or not distribute income?  

We bought our first unit ( 3 BR x 2.5 BA) in February 2022 its currently rented out through March but is not cash flowing due to a few incorrect estimates on my part.Some of these items are minor and will work out with time but the biggest blow to profitability is the HELOC we took against our primary residence to come up with the payment for the rental.