Also, keep in mind potential market fluctuations—having reserves can help you navigate unexpected challenges.

It would be wise to have at least three months of rent saved up at all times to cover the unexpected.

It's had some tenant drama, one eviction, and plenty of unexpected expenses.

Once you take over the cabin there will be other unexpected items you will need to purchase no matter if the cabin is new or old.  

It's not a common thing that people go through when a tornado hits your house unexpectantly and having to do a total renovation.

It can also promote mitigation planning as well encouraging back up resources in case of the unexpected. 

It's been a good experience, very eye opening for me as well as financially nice, and of course, there have been unexpected issues (ie, no matter how sad a situation seems to be, have a 1 strike late payment policy!)

I'm in Denver as well and always love to chat about RE and how we could help each other out. Let's

How do you manage cost, unexpected surprises and keep the project on time. 10% to manage a rehab is actually pretty cheap, I suspect you have never done that yourself, otherwise you'd know how much work that is.

Before that purchase, it might be wise too consider having some operating capital for unexpected expenses set aside that is liquid cash well cash equivalents.Good Luck!