They provide the banks but that makes sense to me since they are doing so many units if everyone did their own banking it would be a nightmare all around.Also, I suddenly had a couple of unexpected situations on my end in the middle of the transaction and they are working their tails off to counsel me and help me. 

So I just don't see the unexpected need for contingency.

It will probably be something that is totally unexpected, at least that's how it typically happens for me.

Frank is forgetting selling costs, carrying costs, purchase costs and unexpected costs.

I had already understood that reserves would be needed for the investment property, but six months of PITI on your residential property came as an unexpected requirement, and this notice came after my offer and EMD was accepted.

$10k of unexpected or underestimated repair costs can easily wipe out any expected profits.

looks like they have annual income at $7700, so about $3850 plus 142=$$4000 expenses, $3700 Net, before taxes...all based on normal speculation...assumes minimal upfront repairs, no major components about to fail, and no unusually bad tenants.

This understanding helps mitigate the "luck" component of a first investment and helps set you up for more success on your next one.

Hopefully, by doing so, we can have a smoother turnover with less unexpected work left for us to deal with.

This is why it is important to look into the reserve budget and reserve account to make sure the finances are able to cover future expected/ and unexpected repairs and replacements.