Funds needed include earnest money deposit, inspection costs, and downpayment funds just to name a few.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

Plus the bank is tacking on fees and costs every day which increases the amount they wIll be willing sell it for.

That is a flexible amount of time depending on the bank, but if someone takes out an "owner occupied loan" and never moves in, that is probably mortgage fraud.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Thanks to BP for the incredible amount of content available, I've learned so much since I stumbled onto this website a few months back and know it'll be an invaluable resource going forward!

It was only a general question, just to work out what amount coverage is worth having.Best wishes

I offered a promissory note for the deposit.

I do it too, so no worries.Bottom line is with the quality and amount of free or cheap education available on the internet, there is NO reason you would ever need to spend $50K on a guru program. 

No other amounts are deposited in the account during the year, and no portion of the principal amount of the debt is repaid during the year.