Special assessments usually cover large unforeseen expenses.

We have had success in 13 different states and have a great system in place to take care of all of the "unforeseen" things that can happen.

If none of that could work I would just ask myself if the unforeseen worst case scenario happens do I have adequate wiggle room in the budget?

It does require some confidence on your end to know what you are doing, how much things cost, and build in some contingency (the oh %€£ budget) for the unforeseen things that will arise. 

I am thinking about: Charlotte  or Raleigh/Durham4) How much should I budget for acquiring location, furnish it, and for unforeseen circumstances?

With anything in life, unforeseen circumstances happen, but maybe with presumably solid home and solid tenant screening you won’t have those large expenses in the first few years?

A HML usually wants to know your track record and if you have enough money to finish the project, and enough for carrying costs, and unforeseen events, and then they will lend you according to what they feel comfortable with.  

However, if it were due to a medical emergency or other unforeseen circumstance, I might be more inclined to help. 

Hence, the numbers have considerable play to go up or down, based on unforeseen elements.As a first timer I am doing what I can to estimate the total project costs before fully committing to this deal, but am very much on the fence as to whether to move forward or walk and find something simpler.I have had an fha inspection, and visited the site with two separated contractors, but no standard home inspection, or architect as of yet.

Renovation costs ballooned 50K over budget due to unforeseen that came up in reno and our adjustments to off-set, which I did manage to increase our ARV 75K from original projected and we did exit at full profit points.