The largest dilemma I have, while trying to evaluate the properties for cash flow is making sur ei am including a representative list of expenses.I underdtand that there will be "incidental" items that are unforeseen ( but I can budget for those) Below is the list of expenses I use when evaluating a property, please let me know what you think I need to add.

Sure will be tough to come up with 25% liquid cash on this purchase in just a few months, though, unless something unforeseen and really spectacular happens with my career.

Many deals look great on paper but can falter based on execution or unforeseen market dynamics.

Shorting on rehab costs/unforeseen rehab costs, or something else?  

When an investor wants a closer look at the property, they can send me out to evaluate upgrade potential, neighborhood status, and any unforeseen obstacles that may decrease profitability before pulling the trigger on the offer.Services I may be able to provide are: Project Management, contractor liaison and quality control, construction estimating and project timeline management and control.

They are a relatively safe assets but if something turns in the rental market or if there is an unforeseen issue with the rehab you might need extra money to finish the project.Long story short, it could work as long as all the parties are comfortable with the risk and you are able to find a property that will appraise at the value you need to get the money back out to pay back the HELOC

I have been very conservative with my numbers giving myself some leeway for unforeseen issues.

Anything that even remotely beats inflation has some degree of risk, including risks to relationships, personal well being (generally mental well being), and those risks unforeseen. 

The renovation costs may include a contingency reserve and renovation-related costs.Contingency Reserves: Contingency reserves 10 % required for any unforeseen cost overruns that may occur during construction.Unused contingency reserves that were financed into the loan will be applied to the principal balance of the loan.

I would make sure to put aside extra $$ to handle the unforeseen.