However the water leak from the kitchen sink directed the water under this foam cushion layer and trapped it on the plywood, where we have a wonderful lively any colony living in the layers of the rotting deteriorating wood. 

The first thing I would do is figure out how I could put about 4-6 months of living expenses in my emergency fund to have some cushion and liquidity. 

Make sure that respected realtor's opinion is backed up with strong comparables, a second opinion is probably a good idea if you're not experienced valuing properties.That's a nice cushion to go in with because something will come up that will lower your profit margin.  

Ben Naughton the reason you want to close on second or later is because it gives you a cushion on mortgage payment, has nothing to do with prorated rent.

I would have more of a liquid cushion after the purchase and  I was told that it would probably appreciate faster.  

We (mostly my husband) are very knowledgeable with home improvements and repairs and have done our research on what needs to be done and what we plan to do and are in the process of figuring out the overall costs of these and will plan in some cushioning as well.

If you can continue saving and reinvesting your interest, you'll soon have your down payment and cushion.

Hopefully you added a little cushion on your asking price above your needed profit so cover these

Always leave a cushion in the numbers for things to go wrong. 14 Steps to Acquiring your first property:Decide what SIZE building you want to start inDecide WHERE you want to invest Determine WHAT TYPE of multi family you want Put your TEAM in placeMARKET to get your first deal ANALYZE the deal Create the OFFER or letter of intent NEGOTIATE the deal Create and SIGN the purchase agreement Do your DUE DILIGENCE RENEGOTIATE the deal Start your FINANCING Choose a MANAGEMENT company CLOSE the deal If you’re too afraid of a big deal, start with a smaller deal.

I know some experts say to have a savings cushion first, but I figured I didn't have a cushion with all that debt so it didn't matter, just better to get out from under it and be free.