It could be a huge unforeseen cost. 

It gives me opportunities to focus on other things without worries for a not making a mortgage payment due to vacancy or other unforeseen expenses.There is no one size fits all strategy.

But the ability to adapt during unforeseen circumstances is even better) and aren’t opened to change.

Diversified in a few different states to cushion any single natural disaster (fully insure) or unforeseen acts of God..Nahh I'm playing, who am I kidding I'd invest in myself and expand my local NYC area holdings with creative real estate, with as little down in each deal as possible, into a smartly brick by brick built residential real estate empire!!!

I know an unforeseen vacancy can be a huge issue. 

Rents above $1000 per unit will absorb unforeseen expenses quicker. - the median household salary in US is around 60k, so if you plan to charge more than $1600 per month, the house is not affordable to most americans.- the rental yields for lower priced home are currently much higher, so there is a lot of potential if you buy things you know how to manage. 

The renovation costs may include a contingency reserve and renovation-related costs.Contingency Reserves: Contingency reserves 10 % required for any unforeseen cost overruns that may occur during construction.Unused contingency reserves that were financed into the loan will be applied to the principal balance of the loan.

There will always be the possibility when investing that you could, due to unforeseen circumstances, go bankrupt and lose everything.

State laws vary from state to state and an agreement that you find online or through a fellow BP member might not hold up in court.You should at the very least discuss the following in the partnership agreement1) purpose of the partnership2) Plans of how the partnership will wind down3) How and when the partners will make contributions to the partnership4) How the income/loss will be allocated among the member5) which of the partners will make the decisions for the partnership6) contingency plans in the case of an emergency/unforeseen event

Yes, this would not make sense but in reality this is generally not possible because if all funds were paid as extra principal contributions comparing both apples to apples each month a person would not be able to pay bills, eat, or cover any unforeseen expenses.