Although, the standard of renovation all across the board has improved substantially in the last few years across all surviving turnkey companies I think.

The best opportunity you will have to replacing out-dated systems (plumbing, electrical, HVAC) and improve the energy efficiency of the building envelope (air sealing, insulation, fenestration) is before a building is placed into service.  

These returns can improve if you have the capital to do some value add repairs as well. 

Simmons, owner of KCS, PC, and certified public accountant for over 25 years, is known for telling it like it is while also educating those who seek to grow and improve their businesses.

My long term goal is to buy and hold (and hopefully through BRRRR strategy - as I see it as a very efficient way to build equity and portfolio).

Leases and all improvements paperwork.

Our property manager since she manages hundreds of units, her whole team has to stay very organized to make sure that units are being managed in an efficient manner! 

The area opens up a path to progress for you and the lower asset class gives you an opportunity to improve it (aka Add Value). 

I do like my PM company as they are professional and efficient and all these fixes sound necessary to me.

The accrual method of accounting helps smooth income and expenses out and provides a clearer picture of how your business is doing, which makes it easier for you to come up with processes to improve it.