Even if you have a property management company in place it still requires your time and attention to create a healthy return.

I tend to analyze my properties in terms of total return - the equity I believe I'm buying on day 1, plus a healthy amount of cash flow on rents.

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So long as there are healthy reserves and the board cares about maintiaing the building, the normal dues cover you.I don't budget a specific number personally as I have enough cash to take care of those one off expenses if and when they do arise. 

We have tentatively chosen Dallas-area as our first market to dive into as it seems to qualify for the signs of a healthy market (population growth, business/landlord friendly, etc). 

But, you can see- if done right- you can make a very healthy profit.I expect you're building new - because of the potential upside. 

Were still seeing a healthy amount of investors from up north and foreign nationals purchasing in Florida. 

Kitchens need exhaust fans too or you get unhealthy air recirculated from cooking,  We will be using an eco-dashboard that monitors indoor air pollution like C02,Carbon Monoxide (CO)Nitrogen dioxide and Sulfur dioxide are part of qualifying for the new healthy homes loan program that HUD and EPA run.

Without a capital partner, you will need a healthy balance sheet to move into larger deals if that is your goal.

Therefore, money for renovations was handled before I provided a healthy budget.