I'm trying to do smaller deals so I can afford to be able to have the funds for certain unexpected expenses.

Might change a few light fixtures and outlets/switches to update it a little more. 

Coming into a deal anyone should heavily consider putting reserves aside for capex and or immediate unexpected turnover.

So long as you have planned financially for the unexpected expenses to arise in the future, when they happen it will not hurt as much. 

It's much easier to qualify and pay for unexpected expenses / rehab expenses this way.

This gives you the flexibility of treating it like a 15 year mortgage, if you want, but should life happen (vacancies, unexpected repairs, etc), you can do lower payments.

The unexpected electrical work means we need to pull permits, so we had to kill a few days waiting for those.

Use established RE calculators until you have your own.   2) Not all purchases are good investments.  3) Understand the long term costs of rentals (basically the items that comprise the 50% rule).  4) Try to always have multiple exit strategies.  5) An initial value add can be a buffer for unexpected events (market depreciation, some minor issue with the numbers run, etc.).  6) Below market purchase has same advantages as value add but harder to obtain/find but less work if you get lucky enough to find one.There is a natural dip in prices for the winter, so you may want to wait until spring to place it on the market.Good luck

My thought now is that this type of loan may be better suited for a house hack scenario where one unit is owner occupied and other unit(s) are rented out. Let

And then if in the coming X years they should get their life together and seek to do something that requires credit, you'll get an unexpected payment one day out of the blue.