IMHO, if I was going to want to essentially quit my job in 10 years, I would want to secure keep some of my funds liquid to safeguard my family, as well as, ensure that I was able to successfully manage all of my properties without the need to reenter the workforce.Hope this questions help us better assist you in realizing your dream!

Now U know why you do not want your kids hanging or staying in Seaside Heights, Point Pleasant and etc. with Snookie and the pedafiles and drug adicts that are in abundance you have to be krazy... or maybe more....Greedy or let's say "ETHICAL"You can network with the Doctors and Nurses of the senior developments and assisted living centers that know when their patients might be......... um checking out.

You might contact some local charities to see if they can offer some emergency assistance to your tenants.

@Jonathan Key  I missed that story but Thank You for bringing this issue to Bigger Pockets where so many REI across America can reflect and respond to this post. 

The improvement costs are a direct reflection on what I might make as profit and influence my decision on what improvements I can make.  

Since you are a first time buyer (Newbie Investor) try NACA it's home buying program that make the home buying process affordable even in NYC, there program offers all type of assistant and their interest rates are always a% lower than whatever the interest rate are.If you decide to go through NACA for your first investment they are not going to allow you to flip,part of the terms is that you must use the property of choice as your primary residence,however you can purchase multifamily.

Where here ONE title company and escrow officer and their escrow assistant handles buyer and seller.. so they are totally on top of it and it runs frankly pretty smooth it also helps that we have state of the art title plants I get a title opinion or what we call a Pre lim in 24 to 36 hours and can get one same day if I want and I don't have to pay for them unless I close...

If you have some more details I might be able to point you to someone who can assist.

There are tons of examples, but here's one:  Seller needs $10K to move mom into assisted living and 60 days to vacate the property of 40 years of "stuff".  

I'm a newbie Real Estate Assistant in Mobile,AL to a newbie Real Estate Professional here.