It's harder to get hard money if there's no rehab component involved

Correct that, and you're in.I've had crappy property managers, friends telling me I didn't know what I was doing, 8+ banks telling me "no", existing bank that told me "yes" get bought out after I had just 2 properties with them to turn around and tell me "no more properties", 2 break ins, $5,000 worth of unexpected insurance deductibles, city inspection reports that I have to pay for, late tenants, screw up with my CPA that almost derailed a deal, unexpected "repairs" that were clearly not needed that my property manager not only approved without telling me, but was WAY overpriced.  

It will provide you with a basic summary of all the components of REI.  

Definitely anticipate the unexpected… Think termite damage, foundation issues, needs new roof, major systems missing, etc. as you formulate your price point for what you would bid on that type of property.Hopefully, you run into none of that, and you get a great deal… But don’t anticipate everything going smoothly, that way you won’t be disappointed.

Thank you William for taking the time to explain it. 10% of the ARV sounds logical and also adding a cushion for unexpected costs of 5% is what I have been reading.

.💰 Set aside money for unexpected expenses.

I bought for cash flow but appreciation was an unexpected windfall!  

@Clark Michael I second @Todd Dexheimer and @Theo HicksAnother important component is the human factor: having the wrong people work for you/with you.

In particular the refinance component of transitioning from the short term financing to long term permanent financing.

Key is to have a great team (cleaners/handyman) and have contractors info (electrician, plumber, appliance repair, etc..) handy for when the unexpected pops up.