I just worry that if you don't have $2000 cash there won't be any money for any other unexpected expenses?

Also, what percentage do you typically factor into your initial budget for those unexpected costs?

Those that do often only for 1-2 years.The other danger with condos is an unexpected assessment, which can wipe out a year or more of cash flow. 

Experienced people will help you.Having said all that, even with all the due diligence I thought I needed, my first purchase I still did some things I'll never do again, but because I did solid homework on the numbers AND had cash reserves to cover unexpected things, I was able to chalk it up to "tuition" instead of having it bankrupt me.So yeah post your numbers, and you'll have no shortage of investors ready to share their opinion.. ;) Best wishes to you!

Again, there are other options in REI - so so many, but I'm going with the simplest options under the assumption that they don't have any REI experience and aren't looking to make REI their new job.Keep some in cash, in an interest bearing account, as a reserve for any unexpected expenses for their REI investments - this should not be the same money as their emergency fund.

Her husband was the maintenance man on the property for the past 17 years, so, guess who made the improvements.A Series of Unexpected EventsAfter the seller agreed to make the repairs I thought I was in the clear. 

I believe that is now called Building Materials Outlet, Inc.

A house 2 blocks away, with the same layout, not on a small lake (this one is) sold for $200,000 two years ago.ARV as a 5/3/2:  $230,000 (very tough to find reasonable comps)Repairs not including what's needed bring addition to conform with building and zoning:  $15,000 conservatively (interior paint, carpets, landscaping, deck/floors resurfacing)Outstanding Mortgage:  $158,000Past due amount:  $4650As we walked around in the basement the man explained to me that he finished the basement himself: framed walls, added electrical outlets, and closets to create two additional rooms in the basement along with another full bath.  

I renewed it a few months ago and this deal on this house just fell in my lap last week unexpectedly; it was too good to pass up, so I put an offer in and it was accepted.

I even think the rental operation could be beneficial to your career--giving you added management skills, letting you apply some finance, and providing an entrepreneurial outlet.