You will also need money for closing and an emergency fund. 

Although communication makes an owner feel good, especially when an owner wants answers immediately, it does little for their bottom line if you don't have the other two (Integrity and Execution).I think all the PMs here agree, however, that there is no quicker way to piss off an owner than leave them hanging when they perceive* an emergency.

You won't be incurring these every year..I think you should sit down and just run the numbers for the next 12 months, taking into consideration only what you expect to spend to operate the property, expect to spend on maintenance and a buffer for emergency repairs.

Quote from @Jackson Ebersole: Hi Piper,It's always smart to flip properties in-state, and I'd like to share some updated insights on why this approach is beneficial, especially in the New Jersey area.Lenders typically feel more comfortable with in-state flips because:You can manage the rehab more easilyYou have better knowledge of local real estate trends and valuesYou can respond quickly to issues or make decisions fasterThere's a lower risk of fraud or being taken advantage of by distant partnersI can help you with recommendations for the New Jersey market:North Bergen: Continues to show strong potential, with average profits now around $150,000 per flip and a gross ROI of 85%.Willingboro: While specific flip numbers aren't available, the market remains active with a gross ROI now averaging around 130%.Gloucester City: Still a top performer, with gross ROI hovering around 180-190%, though still on smaller profit margins.Irvington: Home values have continued to rise, with a 20% increase over the past two years.East Orange: Has seen steady growth, with home values up by about 16% since 2022.Paterson: Experienced a 14% increase in home values over the last two years.Additionally, Jersey City and Newark have emerged as promising markets for flips, with strong appreciation rates and growing demand.

Focus on emerging markets: Invest in markets where rent control is unlikely to be implemented or where regulations are investor-friendly.

If you are changing careers and your income will go down significantly (you said change, I implied decreasing), why not keep the money as a back up/emergency fund in case you need it?

Do I only reveal that I have $40k, when in reality, I have a total of $55k but that's for downpayment, closing, renovations, immediate fixes, emergency fund, etc? 

This shift aims to avoid the high costs of renting temporary locations as the company focuses on stabilizing its business after emerging from bankruptcy in 2023.Meanwhile, Spirit Halloween is expanding aggressively, with a record 1,525 pop-up stores for the 2024 season, offering immersive experiences with animatronics and interactive displays.

I only have one exit/entrance but I have a deck on the second floor unit so I'm thinking I can have a emergency ladder that goes to that from one of the windows.

When my mindset changed from having an emergency fund to having an opportunity fund with extra savings or credit lines, it was a breakthrough.