Concerned I may run into some unforeseen problem( banks are funny).

Show me the project, give me a full set of specs, and a guarantee that we will share the risk of the unforeseen, a pretty good indication that I have the job, and you will have my attention from "Hello".Wayne V.Investor & GCNYC and Portland, ME

., we are more forgiving of because those are generally unforeseen circumstances in people's lives.

I estimated rehab costs of $23K, not including unforeseen costs.

I've rehabbed a few like this, and there are ALWAYS unforeseen hiccups and repairs.

My prediction for 2013 is more of the same unless some unforeseen event occurs (war, financial meltdown in Europe, etc.).

Make sure to have a reserve acct set up with your sister for the unforeseen, and have it owned, most likely in an LLC, so it clearly spells out your roles, and ownership %.  

While the 20-25% cap rate properties look appealing, it masks the problems associated with buying a property so cheaply (Unforeseen maintenance costs, tenant turn over, and etc).

I am a new buy and hold investor and live on the Oregon coast that being said tsunamis are an unforeseen event, how can I protect my assets if this was to happen?

This second option complicate things with lawyers and unforeseen tax and accounting problems.