Hopefully that upfront diligence plus a healthy contingency budget would suffice to keep me out of that scenario, otherwise I would foresee a guaranteed loss, or underperformance at the very least.

The insurer will probably also tell your friend (s)he appears to be in breach of the averments in the seller's affidavit and will be held responsible for any loss the insurer suffers as a result.  

Heck it's so good I could manage a loss for a few months but I really think the cash on cash return will be 10% + first year and 20%+ 2nd year. 

Loss of Use / Loss of Rents: Normally, there is a 20% included limit.

Transparency is key—being honest will help you avoid unnecessary stress and ensure peace of mind.

A reserve is unnecessary, but I still keep around $15,000 - $20,000 in my account.The point is, that you should sit down and assess your finances to determine what the worst-case scenario may look like, how much you would need to cover it without impacting your life, and whether you will need to build a reserve.

., Profit & Loss statement, Balance Sheet)Credentials:No formal certification is required and may or may not have a high school diploma, but some bookkeepers pursue:•QuickBooks ProAdvisor Certification•Certified Bookkeeper (CB) from the American Institute of Professional Bookkeepers (AIPB)•Certified Public Bookkeeper (CPB)Caveats:Bookkeepers do not handle and probably should not handle tax planning, financial analysis, or compliance work.

It closely aligns with the principles of the BRRRR method.Low Risk of Natural DisastersNatural disasters can wreak havoc on your property and the surrounding community, causing job losses and the closure of businesses, which often forces residents to relocate.

Random example from this week:Sell at a loss or rent at a lossOn the other hand, if you are willing to put some time in by traveling to the market, spending time getting a network set up, screening dozens or even hundreds of properties, and taking the time to get set up right, you increase your chance of success.  

Accountants are very expensive, and may be unnecessary according to your goals.