You're definition of 'place is completely trashed' will change over time probably.I like to swing by where my applicants currently live to ask a few final questions.

I have friends who bought a short-sale million dollar home in Fairfield on a golf course for less than $400,000. 

I have read different things and some estimates vary greatly (swinging potential properties from good investments to poor).I live in Fresno, CA and will be purchasing my first rental in the area.Here is what I have estimated:Annual Property Management: 10% of gross collected incomeAnnual Vacancy Rate: 5-10% of gross collected income2017 -> rate was only 3% (7% was highest over 10yrs)Annual Release Fee: 50% of 1st month’s rent (not even sure what this is, but have seen it included)Annual Property Insurance: 0.8-1.2% of property purchase priceAnnual Maintenance: 5-15% of gross collected incomeAnnual Cap Ex Reserves: Approx $1,500 (aware it depends on the age of property/components)Annual Property Tax: Approx 1.2% Purchase PriceDo those numbers/percentages seem reasonable?  

Institutions usually would stay away too.There is a luxury golf course community that had several residential tracts go in a lien sale last year.

The master bathroom is behind that closet and the door swings open on the side.

I’m not good at swinging a hammer so I might as well pay someone who does it for a living while I’ll do the things that I enjoy and/or good at.

I wonder how 'more money down' relates to 20% down on a regular mortgage and if it would just make more sense to get the lower interest rate that way if we can swing it...

I wouldn’t have to hire staff and would just play golf all day.

And try to buy in places that have massive swings (like FL, NV, AZ, and CA).

you are more likely to succeed if you aren’t swinging for the fences.