Based on our research and reading extensively into our contract, we're responsible for any odors/plumbing issues emanating from within the unit, but the unit itself is in perfect condition; it's only two years old and they haven't brought up a single issue in the couple months they've been there.

This is something I constantly have to do with plumbing and it puts a little more pressure on the service provider (usually after the fact when the tenant calls them to complain), but it holds the system in the property place -- let the expert determine who dunnit.

Between the two of us, we have done everything from floors, to custom cabinet builds, baseboards, drywall, electrical, minor plumbing, built a mantle.

Once construction starts, a city inspector visits the site when prompted after each required check points like foundation, rough in plumbing, electrical, drywall etc.

Most household plumbing will retain water and will need to be blown out to get the pipes empty.

Once we got the property we stripped it and installed new drywall, plumbing, electrical, etc.

Raising rents and updating the apartments with with new counter tops, ceiling fans, & plumbing fixtures Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I hired out some of the plumbing and electrical.

Hi BP fam,Recently I went to see this property seating on almost one acre and in the lot there is the main house and then a separate structure made of cinder block of around 1300 sqft (has kitchen plumbing, ceilings are around 12 feet tall, no bathroom, no electrical) and my interest in submitting an offer is the idea of making that second cinder block structure in to another house. 

I am hopeful that this number is much higher than what actual expenses will be for the first 5-7 years, because almost everything in the property will be new: new roof, new plumbing, new electrical, new appliances, new kitchens, new bathrooms, etc.Generally, I've seen people use 10% of rental income as a hand-wavy estimate for ongoing expenses, though on older homes you may want to increase that to 12-14%.