Every element needs to be replaced or have major work performed at some point in it's life.

In fact, by law, and stated within their By-Laws, their Number One "Job" is to "Maintain, Protect, and Preserve ALL Common Elements of the Project". 

I always make the "House Rules", late fee process, pet/assistance animal policies, guest policies, and other critical elements clear, early and often, with a final emphasis at signing...by every Adult occupant.

Interest is the only element of the monthly payment that would be deductible if the property is in service (ready and available for rent)- or added to the basis of the property if it's before that point.

If you don't know where or how to look for signs of water intrusion; pests; safety issues such as faulty or illegal wiring; type and age of plumbing system and components, doors, windows, siding materials and roof systems and other systems or elements then you have no choice but to pay for someone else's knowledge.

A site visit is listed as one quality element among 13 — not a legal requirement.The ATG defines quality as accuracy and documentation: proper asset classification, legal rationale, and cost reconciliation.

Relationship building is probably one of the key elements that doesn’t get talked about enough.  

Each project has different elements, varying scopes of routine maintenance, and different acceptable Standards. 

If you do not establish solid systems and processes for every major element of your property management business, everything will become "messy" in time.Sure, accounting is critical, and pros will utilize a double entry system to ensure proper tracking of transactions, backed up with consistent, legitimate invoices, contracts and other documentation.But before you have anything to "account" for, you need a system for finding and evaluating prospective properties.

The mismatched expectations are often operating under the hood: EJ clients may not always know or fully understand the transactional element to the relationship.