@Eric CarlstromMy STRs tend to experience more frequent repairs than my long-term rentals so I tend to budget more for repairs and maintenance. 

We market the property as available now, meaning that it doesn't have to be repaired and/or it is vacant.

Over and over, you can be constantly evicting and replacing appliances and doing major repairs.

I know, you have “repairs”already.

For a beginner, it will be wise to start with a property that requires less hands-on management, like a turnkey property or one needing only minor repairs.

you mention ARV - what is the cost to repair the property to get it to that ARV?

This documentation will be helpful if you ultimately decide to charge the tenant for repairs.

think about it:-when you buy a property, you'll have a down payment, closing costs, rent-ready costs, costs to get set up with a PM, a commission to place a tenant... maybe some light repairs after the tenant moves in...

The 70% rule suggests buying a property for 70% of its ARV minus repair costs to ensure profit.

By the way, the tenant should be charged for this as part of "cleaning and repairs."