I know I've over estimated expenses and vacancy which will hurt projected cash flow but I also assume that there is at least one unknown variable that I haven't accounted for. 

Seems too much risk for my appetite and way too many unknowns. 

Many places won't do controlled burning exercises anymore due to the unknowns being released during the fire, lead etc. thank the enviro nuts for that.

Originally posted by @Bill Conlan:Is there a way to specifically find section-8 tenants, or is their status relatively unknown until you receive a section-8 tenant application?

Also go back to all of your BP posts and find a spot on this list for that item/question.Building 1:Category/item           Status           Priority            Estimate ($)       Action:Outside:Landscaping                 Ok                low                   $500                Wait till 2022Sewer                         Unknown       low                    $700                Have snaked and pumped (if septic) in 2023Water lines                  OK                n/a                    $0                   No issues, good pressure, no excessive billsidewalks                     Needs work  medium              $500                Three lifts with roots underneath. 

Renewal every 3 years.I factored in $1,000 in initial repairsARV: unknown

If you have a real estate brokerage but you aren't using a big name to back you up (ie: Remax, Century 21, etc)...when you are flipping houses, do you feel that your unknown brokerage name impacts things like appraisals, inspections, permits, etc?

Maybe I'm simple minded, maybe my area is different from others, but not accounting for the unknown (appreciation) there is not enough room in the few analyses I have done to pay a mortgage, cover expenses, and have and reasonable positive cash flow to grow your portfolio without borrowing more money. 

@Salvatore Lentini want to have enough cash reserves for the down payment, vacancy, and unknown costs.

And usually because you will not realize most of the expenses involved in a long term hold.Just look at Mike's most recent Blog entry for some of those expenses and expand that into what you might experience when purchasing at an auction of any kind where you could find someone actually living in that property unknown to the seller.