Same goes for the repairs as there can be unforeseen issues needing attention.For the loan our company does loans in FL and I would be happy to help determine if you qualify with your income. 

How do you protect yourself, & your business partner from any unforeseen emergencies?

I add 17% reserves to my numbers in the event of unforeseen challenges occur.

Your cash flow will need to be set aside for those unforeseen but almost inevitable expenses that come with maintenance and/or repairs. 

Whatever he or she quotes you, add 10% to that number as there are always unforeseen additional expenses. 

If you don't have the money to cover extra unforeseen, you better have a good idea of where you can get it from in a hurry.6) Before you pull the trigger, ask other investors about the deal. 

I believe the summary of this comes down to one's risk tolerance level and desire for growth.Generally a larger equity position (less leverage) involves less risk in a 'high stress' situation where unforeseen events take place (either say a market correction/downswing, or large negative cash hits etc)Certainly a greater use of leverage can facilitate continued growth/acquisitions etc.

Also, going forward I will be running the numbers in more detail while assessing the deal to make sure the numbers will work even if there are some unforeseen issues.

I plan to manage the property myself so put only 2% there, but used 5% for CapEx,  5% in Repairs and set aside 15k at closing for any unforeseen rehab.  

Then I spoke to someone in the insurance business who recommended I should be north of $120 when rehabbing homes as certain unforeseen costs can arise such as asbestos, foundation issues, and a long eviction process which leads to longer holding costs.