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!

Just be mindful of FHA loan limits, potential refinancing delays, and keep a reserve fund for any unexpected repairs.

I’m done with dead beats who give me lame excuses all the time why they don’t have rent or have ever had any emergency money to covered the unexpected things that we all encounter every month.  

I had tenants moving in with no pets and the lease agreement stated no pets as well. after a year or so I accidently found out that my tenants brought 2!!!

Common cash flow issues in real estate arise from vacancies, unexpected repairs, or market downturns.Typically, lenders require individual investors to have at least six months of mortgage reserves.

The relationships you build can help you in unexpected ways, whether it’s finding out-of-state contacts or gaining insights from others with remote investing experience.

OVERALL QUESTIONSI’m wondering if there are any “gotchas” I should look out for in managing or renting either of these properties, especially regarding taxes, maintenance, or any other unexpected costs.

Like @Michael Quarles and @Kristin Flores-Brockman are saying here.Occasionally there are investors who acquired an investment property with the intent to hold and put renters in, but find some unexpected negative catalysts that will impact their ability to rent it out.

Cash flow will provide you with a steady income and a safety net for any unexpected expenses, which is especially important when starting out.

As with any type of investment, investors should list the estimated costs to calculate their potential profit.Costs to consider on fix-and-flipsRepairs (always be conservative)Carrying costs (interest, points)Monthly costs (utilities, HOAs, insurance, taxes)Buying costs (back taxes, cash for keys, liens, code violations)Selling costs (commissions, closing costs, transfer fees, title insurance)Unexpected costs (add $5,000 to be safe)These are the basic costs investors should consider.