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.

So much smarter than my friends that live in the suburbs, drive cars with loans, and cry when they have an unexpected expense. 

I've always assumed that makes it more rare and of greater value but have never dug deep.If you find anything out, let me know! 

I made the mistake early on chasing returns in a cheaper market but part of my returns came from returning home late @ night taking care of those unexpected occurrences. 

What happens if you have a vacancy or a large, unexpected repair? 

Since a single unexpected month of vacancy can severely impact your profitability, you may want to budget higher than 6% in this case.Best of luck, keep us posted on how this project goes. :-)

If the waste stack were where you have indicated it is, in the current bathroom layout the 3-inch outlet coming from the toilet would have to go through four joists or extend under the bathroom.

Everything from a lose outlet to flaking paint, to a lose door knob, heck even the cover for the bolt that hold the toilet down. 

Make sure you have a healthy reserve to cover those unexpected issues.Once that's established, save up for your next investment!