I will include $10k-$30k for the rehab such as painting(interior,exterior), fence(was crap), etc.

Total scam........ they are often expensive, don't totally cover the items, the companies they use to "fix" claims are often crap and they will band aid the issue until the end of time......The single benefit is if you are OOS, you call them and they handle the claim, so you don't have to find your own repair people etc.....so its ease of use...... but you often have to manage the insurance company as they jerk you around, stall and band aid the actual issue.....Had one when I bought a rental in TX and then continued it when the initial expired..... regretted it to this day.I'll take one as part of the deal when I buy.... but wont keep paying for it myself.Better off building a network of repair companies you trust

Too many attorneys are worth crap.

Keep analyzing deals every day and eventually one will come across and after looking at hundreds of crap deals it will be such an obviously good deal you will buy it without a Second thought or worrying about losing money because you'll be like even if I go over budget by 20k I could always sell it make a great profit, rent it, brrr it or do a heloc because I have so much equity here from day 1.

If crap hits the fan, and you can’t rent, market crashes, ect ect you aren’t stuck with that higher mortgage payment.

Good thing about that crap is that it will come off easily and in sheets. 

He was content with changing the locks and having us throw away all her crap after we closed... thanks a lot2. a week after closing that same seller informed me that the only tenant actually in place hadn't paid the previous months rent.... fun3. the roof that "had some life left on it" needed to be replaced and the siding that we had to replace came in 5k over our estimate4. leaking pipes behind 3 of 4 bathtubs 5. cockroaches.... lots of cockroaches... we're still battling cockroaches.6. our "cosmetic" rehab took 1 month per unit, twice as long as we had planned.That being said I'm preparing to do it all over again in 6 months.

House has a walk-in basement/crawlspace that slopes back, and lucky the bathroom was on the "slope back" part so I only ended up falling about 3 1/2-4 feet and landed in dirt with my upper body still sticking in the bathroom, but talk about scaring the crap out of you!

Yes, it is a very personal decision and yes, this is absolutely NOT legal advice.When I first started out I fell for the 'buy in an entity' crap.

They don't give a crap about your inspection.