After a bit of back-and-forth on the repair costs, I negotiated it down to $69,000, convincing them the extent of repairs was higher than they initially estimated.

I'd call insurance before having any sort of plumber to come do any repairs.

I use $2500 to pay expenses and save what's left in a fund for repairs etc...So I can count on approx 5K/month in gross income. 

Acquisition Target: $730K-$780K; ARV: $900K; Repairs: $120K.

In real estate its messy and there are always repairs and capX projects that seemingly pop up from time to time.

Normal repairs are absolutely NOT covered by insurance.

Get a leasing agent for placing tenants and a good handyman for repair requests.

If the age of your equipment is older, or it stops functioning, those repairs can also add up.

I bought 1 House out right, I am refinancing for 100k. had 1 renter paying 1000. using the refinance to purchase the second property, and putting renter for 1400. it will also need 25k in repairs.

Quote from @Dan Grove: Some combination of cash to seller, closing costs, repairs, construction, paying off arrears, assignment fees, commissions.