@Lamont Marable Be careful encouraging others to use "Morris Invest" if you do a search here on BP you'll see hundreds of posts of investors who have been scammed and lost thousands of dollars using them.I would avoid them at all cost and always do additional research when getting recommendations or seeing a t.v host face on YouTube selling 40k homes.

In addition to the association allowance if you plan on doing Air BnB or short term vacation rentals don't forget that there is an additional Transient Accommodation Tax, bringing your total tax requirement to ~14%

In addition, after meeting up with a prospective tenant walk them to their car.

In addition it's a good idea to have a stronghold in an area with local builders, handymen and contractors to get quality work done and on budget.

Just an update with some additional info.

Again, depending on the age and condition of the property, and the quality of tenants.Add an additional 10% for PM.  

They might require additional premium in order to insure over these issues (which the seller should pay, imo) or they may say "No" and either you would need to agree to accept the risk or the seller would need to fix the problems... because they essentially built over someone else's property -- 3 times!

Link removed; Self promotional in addition to McAffee warning to avoid. 

Depending on the performance of the property with rent, tenants, vacancy and additional rehab costs I will determine if I will keep the property long term or turn to sell. 1031 exchanges really intrigue me so my plan is to utilize them when it makes sense. 

Additionally, they paid me the old rent amount... $200 short of the new amount.