Everybody who provided detailed "Rules"  and examples I do value and respect your input and take away that it would clearly be a good idea to plan more for unexpected expenses. 

Flipping is much higher risk short-term because any unexpected costs directly impact your end profit.

@Joel OwensYour post is spot on.Here's an example…  An 8 unit property in my target area came on the market unexpectedly last week.

I'm curious: Did closing cost you (unexpectedly) more because of that?

Great for people with pets since they trash carpet faster due to accidents. 

Calculate your bottom line using 70% of ARV (After Repair Value).Do not spend more than (.7*ARV)-RC (Repair Costs)Example: House is appraised at $100,000 *if repairs are made*...7*100k = 70k.Repair costs are expected to be $25k. 70k-25k = $45,000 (DO NOT BUY THE HOUSE IF IT IS OVER $45k)Take another look at the ‘going rate’ of rent in your area, make sure your cash flow is enough to cover ALL costs and include a buffer for taxes and unexpected repairs.Look at the property yourself - try to eliminate assumptions.Have a trusted professional assess and confirm info about repairs that may have been overlooked.Look at how much work you can do on your own and compare it with contractor rates to complete all repairs.

Typically you’ll need 25% down (minimum) plus another ~10% for closing/reserves/deposits/unexpected capex upon closing.

I did door to door sales for a cable company and was #1 in my region til I got into a car accident. 

But if you ever ran into a situation like health, accident, etc. forcing you to liquidate some or all of your assets, it would be nice to know your end buyers won't have any issues lining up financing.

I became a landlord by accident and hoping to grow in real estate investing.