Here are the key considerations:Pros:Potential for Profit - Through the value add component you can increase profitability on your return, typically you're buying distressed homes with built in equity, rehabbing and increasing your equitable position furthermore. 

The HVAC system failed unexpectedly, adding unforeseen costs.Lessons Learned:Thorough Inspections: Always include major systems in the initial scope.Contingency Budget: Set aside funds for unexpected repairs.Flexibility: Be ready to adapt plans quickly.These lessons highlighted the importance of thorough planning and flexibility in Partner Driven's real estate investments.

You make an great point, to keep stashing cash aside to prepare for the unavoidable "unexpected" costs of physical REI.

Unfortunately, I haven't gotten any pictures yet.Here's where I'm at financially: I had $10k in savings, but after some unexpected hospital bills for my dad, it's looking more like $8k now.

More likely, they will be late the next month, and the next and an unexpected event will make them short again soon, and the another.

While it's not uncommon for buyers to back out of contracts, especially in real estate, it can be particularly challenging when it happens unexpectedly.

This is an unexpected expense on top of a complete renovation plan for the winter.

Quote from @Peter Tverdov: DeathTaxesDIY Landlords on BP complaining about the costs of property management  It's not a complaint..it is an essential component of STR ROI and feasibility analysis.

Budget for Unexpected Costs:Always have a contingency fund for unexpected expenses.

Compile a punch list of any incomplete or unsatisfactory work, and ensure the contractor resolves all issues before making the final payment.Obtain and retain copies of all inspection reports and permits for your records.Collect warranties for any new appliances, systems, or major components that have been installed.Provide feedback to the contractor on their performance, which can be beneficial for future projects and maintaining a good relationship.