Your ability to accurately estimate costs and efficiently manage renovations makes you an extremely valuable partner in any deal.

*I'm a property manager, not an owner, so I do have a 3rd account for business expenses as required here in Oregon.There are a plethora of software/apps out there for managing properties and funds.

I'm working with Michael White, Real Estate Sales with Midtown Property Management in Harrisburg, PA.

Did you find someone to manage it or are you doing that yourself?

The other thing I have learned over time is that the clearer your vision is, the easier it is to get there, so CLEARLY defining the location, type of property, purchase price, renovation amount, etc. etc., will really make a big difference.

You will also discover the warranties don't cover as much as you think, and claims are often denied.Home warranties are so bad that most professional property managers will not manage a property with one in place.

@Anthony Zotto - By the way you ask the question I assume you're going to self manage the property instead of using a property manager.

I manage around 400 rentals with 14 years of experience and have never been sued once.

I also managed to creatively acquire two apartment buildings with $0 down about 4 months ago, one of which currently has a water main Leak under the slab and two of the residents have been without water for over a week, but that's another story for another time... 

Making sure we can manage our own properties in these areas.