As a side note I experienced a unexpected expense last week that I still do not have a total on but estimate in the 10 - 12K range.

I would hold back in cash the rule of thumb percentages each month, but have a credit card or line of credit available for the unexpected. 

Nothing too unexpected and my PMs in Lubbock did a top notch job handling.

Any unexpected expenses with rentals in the area?  

Thanks for the response, I am comfortable putting a decent down payment down but I still want a good amount of cash to wiggle with for any unexpected things / upgrades before going on the market. 

Or you rent your cousins closet on AirBnB without telling him and he comes home an unexpected guest. 

We had an unexpected vacancy and now need to fill a room.

I'd be up at night worried about water leaking from a faucet, all those pipes just waiting to break, that old window that is about to start leaking, or pests getting in, or mold, or appliances breaking, or tenants causing damage, losing their job or getting divorced or dying, or a tree falling on the house or sewage backing up into the house or any number of unexpected and expensive things that happen at the least opportune times.

It's the roof, foundation, and electrical issues that were the big unexpected repairs, along with all the little items that add up.

I personally have not seen what she referred to but reached out for my opinion after the landlord sent her an invoice unexpectedly.