After looking at the list, we came to an agreement on the things they would fix (carpentry, painting, and yardwork mostly, as well as acting as my contact when dealing with other contractors) and the things I would hire outside contractors to do (such as a new roof, new flooring,  electrical). 

Costs Non-recurring Closing costs - 6% of purchase priceMonthly  % Vacancy and Credit Losses - 5-10% of monthly rent Property Management Fees - 8-11% of monthly rent Real Estate Taxes - actual from folio # Repairs and Maintenance - 5-15% of monthly rent Rental Property Insurance - 2,000 Homeowners/Property Association Fees - 0 Capex reserve - 1% of purchase price Utilities  Water and Sewer - tenant Gas and Electricity - tenant  Garbage - tenant Cable, Phone, Internet - tenant - tenant

But be real careful with this strategy by the time you pay points and interest on your rehab loan two closings refi costs.. many times the amount of equity you garner is NOT anywhere near what you think it is and you spend a lot of time and energy and RISK instead of just buying a rental.. your going to have to have significant CASH to pull off a HML you can just use that cash for a down payment on a ready to go no risk finished home. ??   

Structural issues, terrible smells, no HVAC, Plumbing, electrical, walls, ceilings, etc... wood rot, termites, asbestos, you name it!

Water and electricity can really add up.Rental license - I think this is $55/year in Philly right now.

@Melissa Perez there are increased costs across the line for some building materials, but not others...lumber is a bit out of control right now, but electrical and plumbing fixtures still cost the same, etc.

As for the team, I will put more energy into that as well.

Prices are a bit higher but there is a large demand for jobs between the Sub Base, Electric Boat, National Guard, casinos, etc.

I have dealt with every CAPEX project under the sun (foundation repair, roof replacement, sewer line and water line replacement, electrical overhaul, full cosmetic renovations of interior units etc.) and stuff you are not expecting or budgeting for is going to pop up. 

Even if submetered you'll see most active rentals only charge electric and gas if you take a look at your competition.