Once you do find the property to BRRRR understand your needs for that BRRRR as there are significant supply chain issues right now and as others have said make sure you have a contingency of 5-10% for unforeseen costs. 

And there will no doubt be hundreds more unforeseen things to learn as I continue this journey … the learning curve is steep, but necessary I suppose.

Due to circumstances unforeseen in 2019 when I applied for the permit I need to sell before the 12 months is up.I paid my attorney to look into the risks associated with this and the fact that I signed the permit application with the intention of staying in the home, but now there is just no way I can stay there.

If there were to be any major market adjustment or declines, it will happen suddenly and unexpectedly as they usually do typically due to unforeseen forces by most.

I own a 3 flat which I currently do not live in but due to unforeseen circumstances I will need to be moving back into.

Location first and unforeseen potential with a change of vision for the property.

Barry,To answer your question I have a property in mind in Colorado and have run the numbers and from what I have calculated I should be able to make money as well as pay more than the loan requirement per month and factoring in making a savings for unforeseen problems.

This is because the person writing the partnership either does not have the ability to foresee future problems that could arise as many unforeseen things occur down the road.Take the syndicated apartment building next door to my office that I keep writing about.

Property insurance is not intended for minor issues, it is for more catastrophic major unforeseen events.

Depending on which strategy you use (BRRRR, Flip, Buy&Hold) is going to dictate how you will find/ have funding for the next home. unless you have hundreds of thousands saved up to buy and flip homes and still keep a nest egg on the side for any potential unforeseen changes, I would use OPM(other peoples money)  using bank financing to secure the property and from there you leave a ton of options.