Also, how about negotiating a "buffer period" clause or "training period" prior to closing so that you can build a repore and see how he runs the parc.  

If you don't have this buffer, focus on getting it built up.I would also have a very frank discussion with the agent that placed this tenant.  

I would not expect a purchase to go through by when you want it to, I would definitely plan a buffer.

Ultimately he is party to the crime and he may be participating as the buffer in the middle to keep people from finding the owner. 

This reserve amount represents roughly 2–3 years of projected repair costs, which might be a conservative approach, but it gives us a buffer for unexpected, high cost repairs when they pop up.With a larger portfolio, the reserve pool wouldn’t need to grow proportionally, as funds and repairs can be balanced across properties, allowing costs to offset each other over time.

I'm open to all ideas and input, the more I know and understand, the better decision would be.Investing out of state, with no REI experience, in a market you are not familiar with, relying 100% on providers you don't know, paying retail (or more) with no extra equity buffer, no exit strategy if the property doesn't work as expected as a rental, and properties that are thousands of miles away sounds far riskier and speculative to me.

I have been reworking my Maintenance and Repair and my CapX numbers a couple different ways and I keep getting approximately the same numbers.My typical unit I am looking at is a 1000 sf 2/1 duplex or 4-plex with hardwood floors in a C-B neighborhood renting for $1000-$1200 built in 1890-1970, yes, quite a range.I added up big ticket items like roof, water heater, new kitchen, etc and divided by life expectancy and came to $1000/unit/year, so I'm assuming $1200/unit/year with a buffer.

Always leave a buffer in your rehab estimates and work with experienced contractors.Choosing the Wrong Property:Not every property is suitable for BRRRR.

And there was no chance in hell that my investors would not get their money back: I had confidence in my deals and my ability to manage contractors and enough of my own capital as a risk buffer.

Since you've said you're pretty new to this, I look at Bill's price as a buffer against rehab cost over-runs against your 10k figure.