Maybe you luck out, or maybe it has a slab leak and you're ****ed.Third, as @Christopher Phillips said, you gotta have cash.

For example it's pretty easy to have $1M in equity disappear if there was a small but continuous water leak on an upper floor that runs for days or months without notice. 

I maintain the spreadsheet in SmartSheet so I can track it on my iPhone as well as on my PC.

It needs approximately $15,000 of rehab (paint, carpet, appliances, minor roof leak) and it's ARV is $100,000.

Ever since then my spare time and iPhone's battery has been devoted almost entirely to Redfin. 

I am a new landlord, and just had my tenant tell me she fell and broke her elbow while moving furniture back into a room after removing it for a carpet install (storm damaged roof and sprung a leak doing some damage to floor and drywall). 

What happens if a tenant calls you about a water leak at 10:30 am on a Tuesday?

I phone (interrogate) screen with a list of questions. 

I've so far hired 3 people to inspect for moisture in the walls, pipe leaks, or exterior water leaks.

I'm tired of leaks, and fixing doors.