I am wondering if i am being too conservative on some costs. 

Put your numbers in a BP calculator with some conservative rent growth and appreciation and see what happens in the next 10 years.

So, now, you only have 20% equity in the fund that is lending to the borrower that is 120% LTV, and you make money hand over fist.  30% is CONSERVATIVE.  

So for example I'm very conservative and don't want any debt on them because I feel this hardens them in case of a severe recession.

The covered parking area and patios should have adequate drainage to prevent water accumulation and potential damage.Investment ForecastPurchase Price: $849,900Total NOI over 10 years: $308,782.13Year 10 Value: $1,256,336 (based on a conservative 4% appreciation rate)Annualized return: 6.30%ConclusionWhile this property is poised for appreciation, sustaining it over several years for substantial returns would require substantial financial resources due to high debt servicing costs and negative annual Cash on Cash (CoC) returns.

I'm being extra conservative right now, which is becoming a challenge on finding properties but I'm willing to do that then get in over my head.

With a free and clear rental property and a solid equity position, you're well-positioned to leverage that equity effectively.Evaluating Your OptionsCash-Out Refinance:Given that you want to maintain a conservative leverage ratio of 50%, pulling out $110,000 from your property makes sense.

To be conservative, assume 0 or 1%Property manager: 9% plus other one-time cost.

There is a Conservation easement, there is a historic view easement etc. 

Purchase based on feeling very confident and conservative about the deal.