Also I always aim for, and teach other investors to not settle for less than $300 per month cash-flow minimum unless unforeseen obstacles occur.

If your net worth could be wiped out by an unforeseen event, you would be foolish not to avoid recourse that could devastate you financially.

After one year, or under certain circumstances (like a unforeseen PCS or other assignment) you can lease the property.

Unforeseen expenses come out of OTHER accounts.

You need to account for repairs and unforeseen expenses.

No....you most definitely SHOULD make your money when you buy, if your numbers are correct ( and they should be if you know what you are doing ) then ALL your expenses should be calculated ahead of time, including padding for any unforeseen, making your deal work.

It's prudent to be sure, even if you intend to self manage, that it won't a disaster cash flow wise if you do end up hiring mgmt for any unforeseen reason.Another note - based on your post a few up where you mentioned that the units are separately metered, I've assumed that the tenants are responsible for the utilities in the numbers above.

Doing rehabs I have always typically allowed 20% more to my budget for unforeseen issues.

In the event of an unforeseen occurrence the Tenant agrees to mitigate damage to the Premises by turning off water, electricity, or gas if necessary.

First, these are the largest homes we've ever done in both square footage terms and construction budget.Typically we work through an initial budget with my contractor and partner and I'll add 10% that number for unforeseen issues that inevitably come up with older homes.