Turnkey rentals are pretty passive, but you need to make sure you're paying your taxes, insurance, utility bills (this can creep up on you if your tenant stops paying the bills), and managing the property manager.

Also, check to see if the property tax bill has been paid or if you will be on the hook for it.

Let me give you an example:Say you have 100k in savings and 10k a month in extra income with your monthly bills being 4k (gross monthly income of 14k).

I make all repair bills due with the second upcoming rent payment so they should always have more then a month to prepare. 

House is complete but still out of work, disabled and needed to sell for income Now face serious capitol gains issue.I have records of PT visits, cable, utility,bills and steady collection of supply purchases.Rumor has it health and disability issue’s only require one year Permanent Residency.

The way I do calculations is I need my properties to rent for 7 days a month (approx 85 days a year) at normal rates to pay all bills and repairs/capex.

@Bill F. is correct.

I am just finding this out now because we are receiving a new tax bill which has done an assessment on the property and raised the taxes!

You'll get a bill for that much if even the unit is vacant.

So the economics of the transaction is that you do show less expense, and as a result more income when the time comes to pay the bill.