Challenges included managing renovation timelines and dealing with unexpected structural issues, which taught me the value of flexibility and having a contingency plan.

Ive always said no inspection contingencies. 

It emphasizes the importance of accounting for every element of a project, including contingencies, financing costs, profit margin, variances, and unforeseen expenses.

Any creative terms I can include in the appraisal contingency?

@Valesco RaymondYep that is excessiveDid you have any contingencies?

There’s no inspection contingencies in NY therefore you would never sign a contract before having an inspection unless you were completely waiving your inspection as mentioned during the process.

I like to be close to 20% so I am in a safe spot for contingencies.

Ideally I'd like to find a property where I have a reasonable chance of not losing my shirt with contingency plans (i.e. retain the ability to use it as a LTR or MTR if STR doesn't work for whatever reason).

Make it a point to sit down and review the different real estate investment properties you can invest in (single family, mixed use, office building etc), talk to industry professionals to understand the real estate market, research industry trends and available properties, work out your budget for this investment (an example of some expenses to consider can be found in our article on house flipping expenses), and come up with contingency plans in case things do not go according to plan.It might sound like a lot of work (and it is), but you will regret not doing this should your expensive deal go sideways and you are left scrambling to find a solution.

You just have to close your sale before you close your purchase.So either sell your old property with contingencies that the buyer will wait while you find a replacement.Or use contingencies on your purchase to let you sell your old property.Or wait until you're sure your old property will close (30 - 45 days prior).