DIYing the place can help save money, but for someone that doesn't have all the tools and know how, it'll probably take longer and might cost more.

Or you just put more money down?

For extra insurance, you may want to start giving 10% of your bookings to another cleaner to establish a relationship in case anything happens with the 1st cleaner. 

There are normally three traits to make a business successful - Experience, Money, Time.You mentioned already not having the experience.

Anyway, the money arrived in my account early this month.

The time it takes for a zoning variance, the money to dig out the basement and the level of risk for what seems like might be your first project is a lot.

It does give the PM more money each month (which I think was the point). 

Other cash such as down payment or money to fund your escrow / impound accounts (accounts that most lenders require for your property tax and homeowners insurance shouldn't be included in lender fees).

You may not be able to get as much house for the same amount of money if you decide to buy another rental in the future but if you do your research and spend time searching you can still find good deals for similar properties.

Luckily, I didn't need to tap into these funds for the initial work but I have a choice given to me: either have the contractor do more work or have that money go towards principle.