What having cash allows is for three things:1)  The ability to pay for unexpected expenses.2)  The ability to quickly act to take advantage of good investment opportunities.3)  The peace of mind knowing that you can do #1 & #2 because of your cash position.

Unfortunately, the expenses are still variable and are always unexpected is such properties - the price of a roof, hot water heater, or air-conditioning compressor replacement will be about the same, regardless of market size.   

I have seen this fubar people when they spend 95% of their IRA funds on a rental then have unexpected expenses and do not have the reserves and have already contributed to it for the year.what do they do in that circumstance Dmitriy is there a hard ship they can use .. or what ?

And I actually estimate 10% for vacancies and 10% for repairs to allow for unexpected contingencies...you'd rather be generous on your expenses to ensure you are still cash flow positive than to underestimate them and be cash strapped.

I bring a cheap (about $8) electrical tester that you plug into an outlet, to see if the outlet is wired properly.  

But, what about changing all the outlet and switch covers so they don't look like crap compared to the freshly painted walls?

Things will happen and unexpecteds come up.

This total is about 25%, so your 10% security margin seems low.At 5% down you would want a fairly healthy reserve fund for unexpected high cost maintenance or vacancies as you have very little equity available.As it is, you're catching a falling knife in Grand Prairie and it is certainly conceivable that property prices and rents could fall a further 5%+ over the next 12 months, putting you in negative equity and cash flow territory. 

It should be ready mid to late March assuming there are no unexpected problems with the rehab.  

I have a FHA work order for a bathroom that has a outlet in the light.