So for non-recurring expenses i think you would just build up a contingency fund with the money from your 50% allocated towards expenses.

•providing you with monthly and annual financial reports, so you always know how your property is performing •tracking and invoicing tenants for CAM charges •maintaining and keeping your property in exceptional condition and undertake specific preventative maintenance processes•professionally marketing your property to minimize vacancies and maximize income via my numerous industry related affiliations and web presence •overseeing the leasing process (if requested) finding qualified, suitable tenants, and professionally managing every aspect of the landlord-tenant relationship •overseeing initial tenant improvement installation and/or renovations •collecting rent and late •ensuring that your property complies with federal, state and local laws and regulations •maintaining insurance policies for the property and coordinating the payment of all property expenses •responding to tenant requests in a prompt and professional manner •providing you with a successful advertising strategy that keeps your property rented •credit and background screening to insure your property is respected •cost reductions- your property will benefit from detailed expense reviews and wholesale pricing for re-occurring and non-recurring expenses.

BUT, I have to recommend against quitting your job out of anxiety to go out on your own. 

Are both spouses free from Anxiety?

I do not understand it but I keep having major anxiety about just doing it.

You don't even need your first deal to be great, just get one under your belt so you can get over this anxiety. you're in FAR better position to buy than I was when I first started!

The most important thing to consider is the the second you get your first message from a prospective guest all of your stress and anxiety will melt away.

Flipping is another animal, in my experience, it requires more heavy lifting, larger capital exposure, longer duration and much more risk - personally use to love flipping, not so much anymore....... its exciting but I prefer the cash flow over time and the fact that it is recurring, flip you may earn a "phat stack" but thats it, now back in the hunt..... ????

On the income side these would be gross potential income, loss to lease, vacancy loss, one-time concessions, recurring concessions, credit loss, non-revenue units, utility income, and a variety of categories of miscellaneous income.  

sticking to the numbers and the facts removes a lot of the emotion and anxiety.