Always nice to fill the knowledge bank with random, unexpected occurrences.

That so that last $20k can serve as a cash reserve - for unexpected CAPEX items (although, speaking for turnkey, this shouldn't come up for the first several years), for flights out to vet partners, whatever.

In 2008 I lost my son in an auto accident ( and in 2006 i lost my nephew in another auto accident) and i really slowed down my investment activities. 

The two things I'm concerned with is 1) am I going to like doing this and 2) what happens when there is a long vacancy/unexpected costs.Any input is appreciated.Thanks!

I understand your point about liability policies but what happens if you personally get in a car accident and kill a high income individual like a young brain surgeon or lawyer?

Markets change, unexpected events occur, over the course of 5 years the FED can change the dynamics, and on and on.

But long story short - make sure you have the cash or access to cash to fund the unexpected.  

Moreover, and unexpectedly, City Waterproofing installed dura-wall panels throughout my basement.

If that is your first investing purchase have a contingency line item that will help to do the unexpected expense or it might be a gift. 

If the property is brand new you might get away with the first 5 years with minimal repairs but if it's older I'd plan for 30% to go towards repairs or unexpected expenses.