If you are looking to purchase a buy-and-hold property, you need to have some cash reserves -unless you are for some reason very lucky- because eventually you'll run into unaccounted-for costs, such as vacancy costs and large repairs.Rent minus PITI doesn't equal cash flow, as there are more costs associated with owning a rental property than PITI alone.

I have randomly selected numbers and associated them with each donation; as Rich has stipulated, for each $25 donation, a donor has gotten a number.

I wrote a check to a condo association for the monthly maintenance fee, and they said they never got it.

For more detailed information, use the state links in the left-hand column.StateRental Real EstateCommunity AssociationsAlabama Property Management RequirementsReal Estate Broker LicenseNoneAlaska Property Management RequirementsReal Estate Broker LicenseReal Estate LicenseArizona Property Management RequirementsReal Estate Broker LicenseNoneArkansas Property Management RequirementsReal Estate Broker LicenseNoneCalifornia Property Management RequirementsReal Estate Broker LicenseNoneColorado Property Management RequirementsReal Estate Broker LicenseNoneConnecticut Property Management RequirementsReal Estate Broker LicenseNoneDelaware Property Management RequirementsReal Estate Broker LicenseNational Board of Certification for Community Association ManagersDistrict of Columbia Property Management RequirementsProperty Management LicenseProperty Management LicenseFlorida Property Management RequirementsReal Estate Broker LicenseCommunity Association Manager (CAM)Georgia Property Management RequirementsReal Estate Broker LicenseBrokers License and Community Association Manager (CAM)Hawaii Property Management RequirementsReal Estate Broker LicenseState Registration requiredIdaho Property Management RequirementsNoneNoneIllinois Property Management RequirementsReal Estate Broker LicenseNational Board of Certification for Community Association ManagersIndiana Property Management RequirementsReal Estate Broker LicenseNoneIowa Property Management RequirementsReal Estate Broker LicenseNoneKansas Property Management RequirementsNone for residentialNoneKentucky Property Management RequirementsReal Estate Broker LicenseNoneLouisiana Property Management RequirementsReal Estate Broker LicenseNoneMaine Property Management RequirementsNoneNoneMaryland Property Management RequirementsNoneNoneMassachusetts Property Management RequirementsNoneNoneMichigan Property Management RequirementsReal Estate Broker LicenseNoneMinnesota Property Management RequirementsReal Estate Broker LicenseNoneMississippi Property Management RequirementsReal Estate Broker LicenseNoneMissouri Property Management RequirementsReal Estate Broker LicenseNoneMontana Property Management RequirementsProperty Management LicenseNoneNebraska Property Management RequirementsReal Estate Broker LicenseNoneNevada Property Management RequirementsReal Estate Broker LicenseCertification by Commissioner for Common Interest CommunitiesNew Hampshire Property Management RequirementsReal Estate Broker LicenseNoneNew Jersey Property Management RequirementsReal Estate Broker LicenseNoneNew Mexico Property Management RequirementsReal Estate Broker LicenseNoneNew York Property Management RequirementsReal Estate Broker LicenseNoneNorth Carolina Property Management RequirementsReal Estate Broker LicenseNoneNorth Dakota Property Management RequirementsReal Estate Broker LicenseNoneOhio Property Management RequirementsReal Estate Broker LicenseNoneOklahoma Property Management RequirementsReal Estate Broker LicenseNoneOregon Property Management RequirementsProperty Management License or Broker LicenseNonePennsylvania Property Management RequirementsReal Estate Broker LicenseNoneRhode Island Property Management RequirementsReal Estate Broker LicenseNoneSouth Carolina Property Management RequirementsProperty Management LicenseNoneSouth Dakota Property Management RequirementsProperty Management LicenseNoneTennessee Property Management RequirementsReal Estate Broker LicenseNoneTexas Property Management RequirementsReal Estate Broker LicenseNoneUtah Property Management RequirementsReal Estate Broker LicenseNoneVermont Property Management RequirementsNoneNoneVirginia Property Management RequirementsReal Estate Broker LicenseCommon Interest Community Manager LicenseWashington Property Management RequirementsReal Estate Broker LicenseNoneWest Virginia Property Management RequirementsReal Estate Broker LicenseNoneWisconsin Property Management RequirementsReal Estate Broker LicenseNoneWyoming Property Management RequirementsReal Estate Broker LicenseNoneMost states require that people engaging in property management activities have a real estate broker's license.

They do a great job of cleaning my units and keeping the consumables stocked (toilet paper, paper towels, dish detergent, coffee, etc).Does your condo association allow short term rentals like AirBnB?  

The Washington Apartment Association works hard with their lobbyists and the legislature to keep onerous legislation from passing.

Do not associate yourself with landlords who won't spend the money to do basic cleanliness and repairs to get a property rented.  

I think that those who take the time/effort to get/maintain a license and insurance are worth the relatively minimal additional cost associated with the work.

However, at a minimum, you must pay fees associated, and bring current identification and proof of ownership of the animal (veterinary paperwork or personal pictures).

But I would document ( pictures, receipts, detailed statement ) showing damages and all cost associated with getting property up to rentable condition.