This gives you the dry powder you need if a good deal comes along or unexpected expenses and you keep the existing low mortgage rates and do not increase your payment until you use the HELOC.Consider how you could increase the cash flow on the existing properties and if you have the means to pay off one of the houses to increase the monthly cash flow that way.

60 day turn around, I put 90 just to allow for the unexpected. 30 day reno timeline as per my contractor.Help!

The reason they sell those insurance plans is because they make a lot of money off of them.If a $1,000 unexpected expense will cause a problem for you, it may make sense to have that insurance.

Ran into some unexpected issues with having to run new power for the stove as well as having to run new water lines for the bathroom and kitchen.

60 day turn around, I put 90 just to allow for the unexpected. 30 day reno timeline as per my contractor.Help!

Taking some of that space for the bedroom would only require framing in a non-load-bearing wall, closet, and bedroom door, plus adding a few electrical outlets/switches, and then finishing with insulation, drywall, paint, and trim. 

Keep you cash on the sidelines in case unexpected expenses occur. i.e rehab goes over budget, appraisal comes in low...

we weren't aware of that and got slapped with a huge tax fee unexpectedly!

For me, everytime I think my life is on a straight road next thing I know here comes an unexpected twist and turn.

I understand unexpected things come up as the work progresses, but how is this typically handled?