Savings for those unexpected repairs, etc is a must.

There are two components of management for you to consider: onsite and offsite management.As it relates to onsite management, the common and most generic strategy is to interview the existing tenants to find a capable, trustworthy, willing resident to be your manager.

Seriously, it’s going to take twice as long and cost twice as much.(5) If the house is 50+ years old and you’re going to hold for long term and not flip, budget to replace the old Cast iron plumbing ( I found roots growing into my sewer line after closing, A very costly unexpected expense). (6) Finally, stay Positive and remember the whole point of the first deal is just to get through it!

Worse, different components are taxed at different rates.I know this is not really helpful, but it is how it works.

This negotiating skill also comes into play when repairs come up after the inspection, or there is some other unexpected issue. 

Books are great, but alone side with reading and listening, working on your business plans is really helping me a lot.Once you start putting together your ideas, forces you to stop and think about each component.

This would bring in more cash flow that could help with any unexpected expenses with your mother. 

Ideally the reserves would cover anything that came up, but you never know when a large unexpected expense comes up. 

Even if it's turnkey, all it takes is one unexpected event that your reserves can't handle and there goes your cash flow for a year plus.

You have enough to take down the deal and some in reserve for the unexpected.