I do not factor in PM for my CT properties for reasons very specific to my situation.  

However, I do get calls for major plumbing repairs, air conditioners, and hurricane damage - hence the need to factor in maintenance.

I think it depends on a number of factors e.g. type of investment.

For college rentals in Norman, OKC, or Edmond I factor in 8-10% vacancy as a standard, but that can be lowered using some tactics. 

Where I am worried about is having a high minimum monthly payment after I, lets say, purchase a $100,000 SFH all cash.Let me give some more data:Draw period = 5 years; where at the end I can either re-apply to extend the credit, or enter repayment period of 15 yearsInterest (as of today) = 5.75%Min monthly charge factor = 1.0748% of unpaid balanceSo with the example of $100,000 SFH purchase, at month #1 my payment would be $1,074.80.

Notes sound like a good idea as well but I have not got the time to dive very deep into learning about them yet.Here is some of the things I have done in the past month.I have read the books Rich Dad Poor Dad, Cash Flow Quadrant, Think and Grow Rich, Rich Dads Guide to Investing, Face the Fear Factor by Jack Miller, Flip Deals by Jackie Lange, and 5 Best Ways to Make Money with Real Estate.

Same with expireds, I had a seller's listing expire a few months ago and the next morning at 7 am she had almost 200 calls, it was crazy.

That said, for an all-cash transaction you can negotiate down to $750 or $500. don't forget to factor in all of the other possible fees, depending on who is paying for what in your contract:Title insuranceTitle search feeSeller document preparationGovernment recording chargesTransfer taxesElectronic record fee

So I had a little comfort factor with "boots on the ground" with someone who knew the area really well.Best wishes to you, and welcome!

Monday morning, no apps received and we went ahead with this app as my PM ( found through Thumbtack) was also realtor from Tenant side was very confident enough to manage them. we went ahead and leased them, and they are moving on Oct 1st.Points learned:- We were too eager to buy our first property, and Jun/July is crazy Seller market- April - July is "most" tenants moving time, and easily rent able time.- Home prices are cheaper now ( 3rd Quarter), but as an investor, i would not buy now as well (?)