( That can include large unexpected repairs, for example, like finding out you’ll need a new HVAC system or a new roof, which can cost upwards of $500k plus).In addition, some of the investors who expressed an interest will end up backing out, and having an excess or reserve will help fill in the amount you lost.

I ended up going with “for property upgrades and in case of unexpected expenses.”

But I would be delighted to be wrong about this, because 72 hours is nuts and I'd pull my (very very successful) rentals from AirBNB before I'd agree to something so insane.I'll def take a look when I get the email, I hope your interpretation is correct!

Obviously if you put near zero into a deal the returns are going to be high thanks to leverage, but high unexpected costs can wipe out years of profit in one fell swoop.

Due to an unexpected opportunity to travel for work, I now rent the unit at a slight loss per month.

Just don't get caught up in monthly invoices for unexpected costs where the turnkey convenience fee can be buried more than you realize.BTW - I highly respect PMs.

Real estate is tough, especially when you don't have a solid income to get great financing or bear the unexpected storms and repairs that come with owning a business. 

I know many of these may come down to case by case, but curious if there are any generalizations.Many of us who made it through 2009 unscathed have a very unique perspective and an awareness of how bad things can get very quickly but more importunely how to navigate during tough and unexpected times.

Reason being you can always pay down a 30-year like a 15-year, but have the flexibility to go back to minimum payments should something unexpected happen.

Subtract that amount plus an extra amount from the list price to make a target of leaving a readjustment clause in the offer do unexpected surprises..Then if you get an accepted offer, then go back to the bank.