This would expose you to liability or possibly having to unexpectedly buy him out to pay off his judgment creditor.

Reserves of 4 to 6 months depending on the size of holding is something that would be a good idea,, you never know when a eviction, turn cost, or unexpected repair is going to be a cost issue.. and new landlords aren't usually prepared for them.

There was no accident or are you thinking insure payment/performance?

Couple of ways to improve the accuracy of your numbers:Consider adding vacancy as a % (typically 5-10%) because it's impossible to keep all unit 100% rentedNeed to add CapEx for your future big costs (roof, HVAC, etc)Considering adding a reserve for any other unexpected expenses.Keep up the good work!

Make sure you have enough of a reserve to account for unexpected expenses such as vacancy and major repairs.

But as far as restricting the tenant from using ice melt, salt or similar product, are we opening ourselves up for potential liability claims from slip and fall accidents?

Flipping without experience is risky as you can easily overlook tricky issues and end up with large unexpected expenses (asbestos removal, foundation issues, mold...)That said, if I was to start today, I would look at reasonably priced duplex or SFRs with MIL potential. 

As landlord I will check my insurance and add an umbrella policy just if the motivation is your house and your life savings after an accident. 

I posted my last post by accident.

We need to discuss SOW for him, given that we have an unexpected 3-5k for plumbing stack replacement.