Sounds like a box of unexpected surprises, I'd pass.

Right now the only utility at the garage is power so basically I am starting with a frame and a roof. 

Risks include market fluctuations, property damage, tenant issues, and unexpected expenses.

I just worry about some worst case scenario where a tree falls on the property or the property unexpectedly floods 

Budge for unexpected repairs.

In that case, I wouldn't say the PM necessarily made a "mistake" by keeping the power on.

I’m curious to hear from private real estate investors who’ve faced unexpected insurance claims and were protected by an umbrella insurance policy.We often see discussions whether investors should use an LLC or an umbrella insurance policy.

Secondly, I'd chat with a realtor and get some recs on lenders to truly see what you're working with in terms of buying power.

Following Up + More details: @carolineOur utilities were also opened using an LLC but since the power had actually been shut off the problem mostly came from ICE sending someone out to turn it back on plus installing a new style meter (which had to be approved by our HOA but that was another matter entirely and not particularly difficult).Opening a bank account with BCR as an individual is easy and you can get an atm card in about 3 days but you will be limited to holding only a thousand dollars in it.

It feels like there’s always a surprise—whether it’s skyrocketing material prices or finding something unexpected during the demo—that eats into the budget and profits.I know there’s always more to learn, so I’m curious—how do you approach rehab budgeting?