Long term, my goal is to completely replace the sales income with my personal investments, but short term is also to invest in LTR/STR's in the Fort Myers/Cape Coral area.

Hello everyone, I am analyzing multifamily deals using a modified spreadsheet I found online, and the spreadsheet has a reserve account that is taken directly out of of the NOI called "Replacement Reserve".

Wife and I look at age of carpet   If 10 years old we may replace.  

You can raise the rent (for now) in the future, the key to me would be getting a good tenant so you can complete the replacement purchase.

It allows me to stay at my job a little longer until it is able to replace my W2 income, then I am out!!!

You may be ahead of your reserves for a year or two, but quickly can fall behind those your reserves, as budgeted.I take a very conservative approach, but not only budget all recurring items, like landscaping and snow removal, but also take the replacement cost of every item divided by the useful life (both physically and aesthetically) and budget that as well.  

Oh, how the turn tables…If there are any veterans out there, I recently served in the United States Marine Corps for 4 years and used to work as a Mechanical Engineer for a couple of years as well.

Oh, how the turn tables…If there are any veterans out there, I recently served in the United States Marine Corps for 4 years and used to work as a Mechanical Engineer for a couple of years as well.

Oh, how the turn tables…If there are any veterans out there, I recently served in the United States Marine Corps for 4 years and used to work as a Mechanical Engineer for a couple of years as well.

Hi Taylor,Free work in return for lowered rent might not be such a good idea.It would be Smart to go in person and see examples of the person's previous work (of the same kind you want done).I've seen (for example) gypsum board punched holes replaced that were  -->99.999% Invisible<-- and on the other hand, tub work by the same individual that was "childish" at best.I've had other instances of Handymen describing their work in various glowing terms, and according themselves with various (made up) glowing titles (master this, and certain grade experts)--claiming unbelievable past projects--who were no-shows or no-finishers.It's best to understand what the repair needs yourself, such as "Blue Board" or "Purple Board" and sealant XYZ vs just relying on statements such as I have done these for years--yes that may be true, but at what quality (if quality counts to you--it may not).You also may want to spec that you want the area left Broom Clean when the work is done, and make sure to provide a dumpster if there will be large demo taking place.Good Luck!