We even discovered the boiler needed to be replaced, which was a $120k hit.All in all we discovered $600k in CapEx that was mostly unforeseen. 

You do it once, they will expect it every time you need to make a repair.My advice would be to cover the hotel costs and acknowledge that sometimes unforeseen repairs are necessary.

You can use 50k as downpayment for it and finance the rest where the mortgage doesnt cost you more than 30% of the gross rental income after spending 20k on renovations and keep $30k for unforeseen expenses.

With this much work needed, I’m worried that any unforeseen issues may eat into the profit.  20k doesn’t seem like that much wiggle room....

If they offer maintenance warranties to shield you from the ups and downs of investing, like tenant issues and unforeseen problems, they are doing you a disservice.

@Hunter AmbosAlso, being the first one, there are a lot of unforeseen moving parts that the agent can take care of

It won't help with this repair, but it could hedge the expense for future unforeseen issues!

The reason I say spend the time to do this is a deal may look great on the surface but there's often an undercurrent of unforeseen that could topple your cash flow in one fatal swoop for a property the size of what you're looking to invest.

We are blessed with living with my in laws and only pay $500/ month in rent so that can help us save up and have the ability to pay some of our first rental if needed due to vacancy or unforeseen events.

We are blessed with living with my in laws and only pay $500/ month in rent so that can help us save up and have the ability to pay some of our first rental if needed due to vacancy or unforeseen events.