Your mechanicals and capital expenditures are a lot more important and more expensive to fix than a pretty kitchen. its better to live in outdated kitchen and have a well kept home with updated mechanicals/roof/hvac than one that looks pretty but will start to crumble5.

They have a ton of equity >$100K, <3%, but older home in need of roof, A/C, and water heater in next 5-10 years.

Fees and Contracts: - What are your management fees and how are they structured (flat fee, percentage of rent)?

I pay my contractor a flat fee each month so my labor costs don’t vary much.

You CANNOT put everything in the lease, like no dancing on the roof.

A key thing is what happens if the market stays flat or dips slightly over the next few years.

It also makes Renter's insurance verification a breeze.I decided to try their premium features as with 29 units the yearly flat fee seem to justify the faster deposits, faster syndication, faster CS support.

How will you pay for a new fridge or roof?

I am going to adjust my payment schedule to the hot tub company to just be a flat $100/turn (rather than $50/$150) to accommodate complete drain and refills.

The real problem comes in when the unexpected happens, like a roof repair, or a boiler replacement, on top of the negative cash flow.If it was me, I would try to save more, take out less debt, to help with cash flow.