Also know that whatever the estimate is - you may need 10-15% additional for any unforeseen issues.  

Nobody can predict the future because there are too many unforeseen variables that can flip it in a moment.

I don't know your income and any other details but if you can hold the monthly expenses down I'd rather have more cash on hand and less in a deal then put in 20% down and have less reserves for unforeseen events.

I know that older homes often come with unforeseen issues during the Reno as well as more regular maintenance needs.

I see cash flow as the safety margin of the investment and would gladly give up a good bit of appreciation potential to have a solid buffer here for unforeseen market conditions.

You cram several months of headaches into a 30 minute (20 mins w/ commercials) spot and then throw up a $50K profit at the end of every show, even with all of the unforeseen setbacks.

If you are investing with a seasoned and successful sponsor they should be able to navigate the waters of an unforeseen event if and when it arises due to their experience.  

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.

I like to know what my costs are going to be(I always have contingency funds for unforeseen issues) rather than hoping they come in below his budget.

A renter should already be paying toward maintenance, the issue is paying the $1,000 deductible for a new roof, paying $1,500 for the busted furnace, it's the ability to cover unforeseen large expenses with ownership.The ability to pay in financing includes these aspects as opposed to qualifying a tenant.You may not be aware that the SAFE Act exempts non-profit housing organizations like Habitat for Humanity.