They may do an initial draw, say $15k to get you started, and then have you provide receipts and mechanic lien waivers in order to get subsequent draws, so I would advocate having at least some capital of your own to start off with in the beginning if your lender of choice does the renovation holdbacks.

Hello allFirst i want to give perhaps a little background on myself:-I'm 22 years old and i have just graduated college with a bachelors degree in mechanical engineering from a university in the metro Detroit area.

I use mechanical robots to write letters for me.

Typically if you rented a place with certain appliances / mechanicals, they are part of the lease.  

If you have the home warranty, the warranty covers it so you are protected both ways.Make sure you video the property and all the mechanics (furnace, AC, hot water heater, etc.) both for the warranty and for record of condition with the tenant.

@Sarah Thornton, The way the mechanics of a 1031 exchange work is that your exchange will always be either complete or dead before you have to file your next tax return.

The mechanics is at closing a new loan of 160 is recorded and out of the 160, 50 is used to payoff the existing loan. 

>Tenant Procurement/Placement – could be percent of monthly rent or a flat feePictures, 3D Tours, etcAdvertising prep and determining market rentProperty advertisingAnswering inquiries (phone/text/emails/etc)Scheduling showingsShowingsApplication processingLease signings and MoveInsFollowing up on all of the above, hopefully consistently updating owners>Maintenance ChargesCommon: owner agrees in contract that PMC can perform work without owner approval up to a certain threshold (Example $500) or in an emergency.Questionable: owner doesn’t find out about charges below threshold until they get their monthly statement.Hourly – PMC bills at hourly rate depending on type of ServiceTech sentEXAMPLE: Owner billed at $65/hour for handyman workMarkup is hidden in that rate as highly unlikely PMC is paying their handyman the whole $65/hour.PMC or a subsidiary billing – PMC submits bill from their companyEXAMPLE: Owner receives a bill for licensed HVAC work on PMC form.Owner does not get the licensed mechanical contractor bill, so has no idea of PMC hidden markupTransparent – original bills from all contractors sent to owner, PMC charges a pre-approved markup for their time to handle.EXAMPLE: Owner receives a bill for licensed HVAC work on contractor’s form.Only challenge is some PMC’s get illegal kickbacks from contractors owners don’t seeThere are then many different IF -> THEN fees to cover evictions, emergencies, filing insurance claims, etc.WARNING: never assume you won’t be charged for something unless it states so in the management contract!

>Tenant Procurement/Placement – could be percent of monthly rent or a flat feePictures, 3D Tours, etcAdvertising prep and determining market rentProperty advertisingAnswering inquiries (phone/text/emails/etc)Scheduling showingsShowingsApplication processingLease signings and MoveInsFollowing up on all of the above, hopefully consistently updating owners>Maintenance ChargesCommon: owner agrees in contract that PMC can perform work without owner approval up to a certain threshold (Example $500) or in an emergency.Questionable: owner doesn’t find out about charges below threshold until they get their monthly statement.Hourly – PMC bills at hourly rate depending on type of ServiceTech sentEXAMPLE: Owner billed at $65/hour for handyman workMarkup is hidden in that rate as highly unlikely PMC is paying their handyman the whole $65/hour.PMC or a subsidiary billing – PMC submits bill from their companyEXAMPLE: Owner receives a bill for licensed HVAC work on PMC form.Owner does not get the licensed mechanical contractor bill, so has no idea of PMC hidden markupTransparent – original bills from all contractors sent to owner, PMC charges a pre-approved markup for their time to handle.EXAMPLE: Owner receives a bill for licensed HVAC work on contractor’s form.Only challenge is some PMC’s get illegal kickbacks from contractors owners don’t seeThere are then many different IF -> THEN fees to cover evictions, emergencies, filing insurance claims, etc.WARNING: never assume you won’t be charged for something unless it states so in the management contract!

Auto-renew every 21 days.Expected close date = 8/8.Extended close =  8/12. 3rd extension = 8/16.