I have access to about 20k in reserves for any unexpected issues. i was thinking of using private money to fund the rehab and refinance the property.

Because of this I asked the them for all of their financial info to prove they can fund the entire rehab with a good chunk of money left over in case something unexpected comes up. 

If all your questions are answered positively, I would still have a contingency clause in the purchase agreement that would allow you to "walk away" without any penalty that is financial and before I closed I would hire a professional and experienced Inspector that would make you aware of any possible negative/unexpected things that he discovered.I would not buy a single family house for rental unless it was used as a "house hacking" loan that I felt pretty good about qualifying for it.There is only a couple reasons that could make it OK to purchase. 

This unit was old and this was not unexpected. 

The median home price in this town is a ridiculous $550k+, and the town over has a median of $850k (which we are avoiding even looking at right now).We want to continue having the option of early retirement or if life takes an unexpected turn we are still covered. 

My neighbor passed away unexpectedly.

Hello everyone,  My fiancé and me are moving from NY to Pembroke Pines Fla because she just got a teaching job at FIU.    We are trying to rent a place for the first year before buying  and we found an apt that worked...

Over this year I've discovered an unexpected problem of wholesale chaining. 

At week 6, contractor has started everything and finished nothing (I had to unexpectedly be out state for a family illness). 

I also have a 3 month emergency fund to cover any unexpected costs and will set aside 15% of the rental income for vacancy and maintenance costs.