misc also includes unexpected charges such as water charge associated with a leak such as a slab leak.In addition, at this rent point you will find it difficult to get a PM at 10% all inclusive (including tenant placement, inspections, lease renewals, etc).  

Another lesson I learned was to have a more concrete scope of work to help create a more accurate budget and to add a buffer in the plan for things that come up that are unexpected.

"Fools find no pleasure in understanding but delight in airing their own opinions." 

There is no telling what repairs or unexpected expenses will come up.

Terms should include interest rates, repayment schedules, and contingencies for unexpected issues.

Just running into this now... delighted to see it's been a multi-year issue.

Cash flow is not a myth.If you properly budget for your expenses, including capital expenditures(Roof, HVAC, furnace, etc), then you can rely on the cash-flow.People who say cash-flow is a myth are normally people who say things such as 'we had to pay for an unexpected roof'

Establish a clear process for handling these requests and keep an emergency fund for unexpected repairs.Tenant Relations: Communication is key.

It can be very stressful dealing with contractors, budgets, and the dreaded unexpected.

They may look promising on paper but often underperform in reality due to management challenges and unexpected expenses.Given your situation, a SFH in a good area of South Jersey could be a solid starting point.