It's ridiculous how much time it actually takes to maintain the building once you got someone in there running it for you.That way you have all the free time in the world to travel, stay home, do what you want, spend more time with your family, work on more apartment deals and the list of benefits goes on and on.

If I have owned and maintained a property for 30 years, I know everything about it.

But, when it comes to finishes (light fixtures, plumbing fixtures, appliances, cabinets, etc), I prefer to maintain control over the look and feel of the final product.

I am wanting to rent it out for maybe 1100-$1200/month hopefully making maybe a 100-150/month cash flow and saving the rest for maintainance.

I purchased and managed 6 while working FT, but QUIT my job to focus on RE..I'm building and maintaining my portfolio...At some point, I will turn over to PM, but I enjoy handling the people aspect of my business!!

With 80% financing, and normal repair, maintain, vacancy, capitals expenditures, taxes, ins, etc. you'll need about 1% of the purchase price in monthly rent to break even.

So, the property can be rekeyed and boarded, the grounds maintained, property winterized, repairs required to properly weatherproof can also be done, etc. 

Compare the cost of liability insurance to cover your net worth to the amount you spend on setting up and maintaining your LLC(s).

Roof, AC units, plumbing, flooring, paint, exterior etc, these things take money to maintain/replace.

It's abandoned (although the owners park a truck their to keep people away and actually semi-maintain the property).The rumor is there is a foot of bat guano inside.