That way, I was covered if anything went over, and if nothing too unexpected came up, I would be under budget and have more $ in the end :o)I'm definitely hoping my real estate appraising comes in handy.

I always want room for the unexpected as there is always something.

I hate suggesting this because it greatly increases your risks, but you could forego a home inspection or--much better--do a home inspection "For Informational Purposes Only" which means that you won't nickel and dime them for every bent pipe or dirty outlet.

If your current equity and cash position is not there to make the downpayment on a big deal - how do you intend to make the expected and unexpected payments that come along with owning a big deal?

Whatever you're interested in finding out, let us know.

The unexpected, Always expect it.

Don't assume that your local retail home improvement store is the place to go for all of your needs- remember, every dollar spent in excess is a dollar lost.Make sure that your figures work out, and give yourself some financial room for the unexpected expenses that almost always come up when dealing with rehabs.Establish a good business relationship with wholesalers in your area.

What happens if you have unexpected expenses and have to borrow, short term-high interest rate, because that money is tied up?

I have and will continue to do my due diligence on prospective properties to make sure there is a profit even if the unexpected (which I'm sure will happen) comes around.

Don't forget to factor unexpected repair costs, closing/financing costs when buying, closing costs when selling, PITI (Principal, Interest, Taxes, and Insurance) payments while you are fixing up and selling, and realtor and/or advertizing fees to sell it.And now I'll give you by far the NUMBER 1 newbie mistake in real estate investing. . .. . . buying a property too high and TRYING to sell for even higher.So, Alex, to summarize my input:Experience tops book knowledge.