The impact of not having F/f financing is large (>10%) if the appraiser recognizes this potential issue.  

You can then measure the cash flow impact versus the potential cash you would obtain upon a sale.

I've been trying to save up for what could potentially go wrong like cap ex things.

Assume a couple of months of vacancy, consider potential unexpected repairs (like HVAC or plumbing issues), and test the numbers with rents dropping by 10-15%.

You'd learn and potentially earn a profit at exit.Another way is to wholesale the land.

Typically, I run a current income/expense column next to a ProForma column to show potential value add opporunties.I agree with @Robert. 

Evaluate potential rental properties with a keen eye on location, cash flow, and potential appreciation.

Building a trusted team is key, so starting that process as you actively search for your market will put you in a strong position moving forward.River - Would you prioritize meeting these team members over going to see some potential properties for a first visit?

But by coming together with others, one can get in the game and put their money to work in these bigger, potentially greater return deals without having to do it solo.

Networking with local investors and visiting potential markets can also give you valuable insights.