I also plan to save the cash flow as an extra bit of reserve for unexpected issues that might pop up.I found my deal on MLS, but the better deals are most likely off market.

I moved to the US when I was 11 years old, not knowing any Engish, and due to unexpected circumstances. 

Did you run into unexpected issues getting out of the old lease? 

For adding rooms, the size needs to be a certain minimum depending on people living in it (found in Austin code) and I believe you're required to have a certain number of outlets per wall.

Was there unexpected road blocks?

Took that out. Let's

After repairs I will be into it for $75K (purchase price and rehab costs only), but then there will be the unexpected $2,500 expense, so it'll be $77.5K. 

Do you have to have top notch wiring to rent - can people live with two prong outlets in bedrooms, for example? 

You have equity you can tap for major and unexpected expenditures. 

This provides room for error and unexpected value-add expenses that may arise.I listed 10 questions to get the discussion started.