Closing costs and a new appraisal can eat $5K–$7K easy.

One tip: whether you buy or manage, keep in mind that utilities, supplies, and vendor fees are usually the biggest costs that can eat into your margins.

You’re right permitting often eats up time and budget, and that’s where I add the most value.

The issues with hiring a GC with fixed costs and financing 90% of the deal is 1) significantly eats into profits, and 2) if a GC is not invested in the deal then they don't care if they go over costs or stick to their budget.

Just as children should not eat lead paint (I'm not sure how you bite a wall) they should not ingest asbestos siding or "pop corn" either None, of this information is compliant with any current cities asbestos disposal laws.

The property taxes and insurance rates will eat any profit you projected, assuming you don't have an HOA. 

Unless the lease says otherwise, you'll have to eat the cost for this one. 

This will give you the best net. selling with a squatter in place is not the best move and will eat into your profits as potential buyers don't want to deal with remove the person and gaining access to the property will be impossible. 

Yakir, You can do a cashout refinance but the fees will likely eat up a lot of the $ you would be getting out.

On the PM side, I always build in a buffer for labor delays and unexpected repairs, holding costs can eat your profit fast if you don’t plan for them.