The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

Second, when doing flips you'll typically put each property in its own LLC.If you plan to scale rentals, you can have a Management LLC that acts as a PMC collecting rents and paying expenses via its bank accounts.

Or will the HD lender provide additional funds for construction?

If cash hits your account, that is often seen as "accepting" a partial payment.Our system will not allow any resident to make a partial payment. 

Please comment/connect with me if you are a:- Property Manager- Hard Money Lender- Contractor- Tax Professional/Accountant- Insurance Agent- Real Estate Attorney- Financial Advisor- Meetup Organizer- Wholesaler- Other InvestorI live in Scottsdale so hope to connect with people local to the Phoenix area, but always open to connect with other people in the state or even nationally!

Hey @Viji Pamudurthy you can definitely feel free to share where the property is located and more details and we can provide more commentary.

That will give you a good idea if this will work well or not.AirDNA can also provide some data for you.

I would require renters insurance and make it easy for them to purchase providing online options and suggestions to add to their car insurance, etc.

So you'll need to look closely at that to accurately determine your new basis.Work with a good tax accountant on this.   

The breakdown of costs you've provided is insightful.