With a positive cash flow, you can feel confident that your property will continue to provide a reliable stream of income while also safeguarding against any unforeseen financial challenges.Market Demand and Trends:Stay informed and up-to-date on market trends and demand in the area to ensure that you are well-positioned to make informed investment decisions.

I've seen assessment that need to be paid by each owner between 30 to 50k on the cheaper side (some as high as 60-80k) while their HOA doubled to collect up for their reserves and unforeseen higher cost. 

I have seen the CO mentioned in some of the descriptions so I have done a little research on that but it is good to consider keeping extra budgeted for unforeseen items I may have to fix.

You also need to have some reserve in your budget for unforeseen expenses because walls and floors can hide a lot of expenses.

Or something unforeseen comes up and you need to sell your home, but you can't get financial credit for the additions because it's all unpermited, or the buyer wants things to be permitted, etc. 

If he continued to hold the note while we work, we would still have some room in our rehab budget for any unforeseen problems.

If the general requirements are not met to exclude gain on the sale of a principal residence (even after application of the special rules discussed above), there is a minimum exclusion that applies to various unforeseen situations, one of which is a divorce situation.

It is an awesome investment with a CAP rate of 23% after all costs to fix up (assuming there are no big unforeseen costs).The building is over 100 years old and has been "remodeled" (or at least has been lived in and lots done to it, new HVAC, etc.) about 10 years ago but has been vacant for at least the last 8 years.

Repairs, costs, any other unforeseen costs?

More than anything, if this is your first deal, I would think you would want to try to find better margins for unforeseen issues.