Too many variables can go wrong and I have found using these numbers helps ensure a good and successful flip even if something big and unexpected comes up, which almost always does.What is your main source of leads?

I am a more conservative investor, so I would budget 40% expenses which gives a buffer for unexpected issues and eases my mind :)

If you get suckered into clicking one by accident you'll get swept off to a paid site :)2.

@Chris Mason,You know good and well how loan processors, U/W, closing dept. and everyone in the loan process feels about sale prices that end with oddball numbers or even worse, the ones that end with cents.You know how the margin of potential errors goes up when ordering appraisals, title and all the other tasks that require employees at lenders to manually hand write or type in a sales price like $550,998.18  and they accidently write or type $550,989.18  instead of the realtors simply taking the common sense initiative to simply negotiate another $1.82  and make the sales price $551,000.Then the time and effort it takes these hourly employees at Banks to correct the price someone entered wrong and how it can cause delays in the process trying to obtain the CTC.   

A good operating agreement will discuss what happens if you both need to contribute more money to the business (what if in 3 years you need a new roof for your investment property, but the LLC does not have enough money in it to cover it); what happens if only one of your is able to contribute money to the LLC for an unexpected situation; what happens if you have a serious disagreement about the direction of your investment (what if one of you wants to sell the rental but the other wants keep it); what happens if one of your expectedly passes and the other is now partnered with the spouse or kids of your friend; etc.I know you would rather save the money (who wouldn't), but it is a deductible business expense and may save you a lot of headaches later.

She sent me a picture of a bath spout that looked like someone accidently knocked it down.

Hi all,I'm working through a situation in which my tenants unexpectedly moved out while they still owe 1.5 months rent ($2625).

Next time it will be job loss, or unexpected car break down, or job loss, or on and on and on.The REAL question is are you going to manage your business in a professional manner by following and enforcing the terms of your lease or are you going to fall for every sob story a tenant gives you as an excuse for violating the terms of their lease?  

Just out of curiosity what were some of your lessons learned as far as unexpected setbacks ultimately delaying you from listing the property for 5 months?

Insurance payout if there was an accident on the property, umbrella policy would pay beyond what primary insurance didn't pay.Take care of your property and your tenant and it is unlikely that you would be sued.I have heard that people move the deed into an LLC all the time as the property is still secured by the mortgage that you signed.