I fine that an experienced contractor knows how to budget the rehab, has access to labor and is not afraid to add sweat equity if something unforeseen comes up.  

Yes, you can offer a longer closing/inspection period and include the new addendum for unforeseen circumstances.

I disagree, a few bigger unforeseen repairs this 200 bux is gone.

It’s important to have a buffer in your budget for unforeseen expenses.Have a clear exit strategy.

Each strategy has its own unique set of risks and rewards, and by diversifying, investors can mitigate the impact of market fluctuations, economic downturns, or other unforeseen circumstances that could affect a single strategy.2.

Consequently, what should you do when the property incurs unforeseen costs?

In case of unforeseen issues impacting cash flow, options include using the capex reserve fund, borrowing, raising rents, or selling the property.

Most of the time it's just an unfortunate and unforeseen issue that leads to the water damage.  

Know your boundaries, stick to a budget, and allow for unforeseen expenses.

My issue is I live in Santa Barbara and am struggling to raise enough capital to place a down payment and cover unforeseen expenses as a landlord.