If the tenants are month to month that's no big deal, but as the new owner/manager of this property you'll have the responsibility of maximizing income and month-to-month leases add extra risk of unexpected vacancy. 

What if there's an unexpected cap-ex expense that you didn't budget for?  

Treatment programs were pursued with vigor leaving little time to manage the preschool, which my wife unexpectedly closed, to my great surprise and at a great financial loss.

I learned a ton about crappy tenants, unexpected maintenance issues, dealing w/ a regime, etc... 

When we do that, we run into unexpected results that we weren't prepared to deal with.

Anyway the contract is structured in a way for the unexpected investor to lose.  

Problem is this would leave me pretty tapped out for cash reserves for our other rentals and unexpected expenses so I'm considering looking for private money for that.

Even if I somehow lose $700 a month on this property in unexpected repairs and maintenance or whatever, that's still $700 of expenses that are both 1) tax deductible (or at lease tax depreciable) and 2) better my asset in some way.  

.)* $550 Sump pump* $175 Landscaping (trimming, mulching, fill dirt)* $50 Safety (CO & smoke detectors; fire extinguisher)* $70 Utility costs during rehab $230 Misc (plywood; insulation)* $250 Tools/Rental equipment $550 TOTAL $27,720 *DIY jobs; the cost listed is for materials onlyI’m disappointed that we came in about $2,700 over budget, but the unexpected cost of replacing both bathtubs was mostly to blame.

What was your big unexpected incounter on the burn out.