This turned out to be a relatively painless fix, but it taught me a valuable lesson: Always assume half of your revenues will go to repairs, maintenance, and other expenses.

That's what even CPAs debate.The answer to this question then influences my main concern: mileage deduction.If I have to drive to a rental for some maintenance (no other stops to keep it simple), can I deduct the mileage, if I have an office in my home, but not an "IRS type qualifying home office", that I actually use for business purposes?

I've factored in Taxes, Insurance, Cleaning, Snow/Lawn, Turn over.Your expenses are missing a few things: Maintenance, Vacancy, Capital Expenditures, Utilities During Vacancy, Legal/Accounting, etc.

I have both and the asphalt requires you to put away capital improvement funds, the gravel is yearly maintenance.

There is no maintenance fee involved actual and thats true there will be any maintenance!!

We always try to choose renovations that make it easier on us in the future, time-wise and maintenance-wise in addition to what is expected for the area.

For instance, nowhere in MD law does it say a condo association has specific right to tow a legally registered, operating vehicle simply for parking lot maintenance purposes, but there is case law to support it and it is done frequently even if there is no mention of it in the condo rules or bylaws.

There is always something after closing but before you've settled into the typical long term behavior for the property - filling an up-front vacancy as in your case, dealing w/ random smaller deferred maintenance items, and so on.

This includes $230K propeerty coverage, $10K personal property (coverage B), $300K business liability (incident)/$600K in annual aggregate (Coverage L), $600K in Premises Medical Payments (Coverage M), $1K loss of rents, and a ~1% deductible at $2K.I have a slew of questions!

If nobody wants to buy the lot, you're out the $900, you'll be paying annual taxes, you'll be paying for upkeep (lawn maintenance, debris removal), etc.Each year that passes, your investment will grow, and you'll need to sell for more and more just to get out of the hole.Not saying it's a not a good deal, but don't assume it is just because it's free...