I think both have their pros and cons (and an ideal portfolio has both of them).

The Deal1 4 bedrooms 1 full bath (Upstairs)1 1 Bedroom, (In the basement)Current asking price $179,9004 Bedroom rent: $1,2301 Bedroom Rent: $540 ( Ideally Luanne and I would take the 1 bed after we are married)Newer windows, siding, furnace and central air. 4BR unit is super spacious with laundry on the main level and new carpet in bedrooms.

Your ideal coverage will depend on what the GC has in place.  

As an HVAC tech I deal with fire inspectors frequently.

Great advice @Kristen Feerst - Im just getting started with BRRRR as well and think you have the right formula - ideally one would have cash for everything plus a contingency, but if its not all there, I agree with the minimums you laid out.

Not the numbers aren't quite ideal from what I have researched, they say to look for 8-12% cash on cash return, but the cash on cash return starts out around 4% but increases every year with rental increase on this property.

Also try to attend as many local meetings as you can, and ideally build some relationships with folks in your area with lots of experience so that you can go to them with questions (can't emphasize enough what a huge difference that makes!!)  

All towns have rough neighborhoods and you want to make sure you have a good RE Agent and Property Manager that you trust, that can steer you away from things you wouldn’t ideally know if you’re not local to the neighborhood.

4,000 people PER DAY are killed throughout the world in auto accidents.  

Ideally I’d like two single family homes and a duplex or triplex.