List the potential downsides; what's potentially harder than it seems, unexpected, costly or problematic.

Any one has better place to get new appliances for the flip houses other than Sears outlet and Lowes or HD?

People who got into a jam, kept getting into a jam because the problem isn't unexpected life expenses, the problem is poor money management.

He comes over whenever he wants unexpected, has a bunch of his belongings in the rental houses garage and in the attic, has told us we can't have anything in the garage or attic because it isn't fair to anyone else.

With regards to electric: 20 amp GFCI protected outlets at kitchen & bath counter levels, hard wired smoke/carbon detectors 15' from all bedrooms and 1 on each level, grounded outlets (if the outlet plug has 3 holes typically your all good if not you will be pulling new wire), from your general comments on overall condition you will likely be looking at a new service & panel as well.

Too many people rush into either paying off debt or making investments but don't have the reserves to save them IF something unexpected came up.

I am almost under contract on a property here in atlanta please read details and let me know if you see any big red flags.Price: 70k  25% down plus closing cost will have me around 19,900 out of pocket2bd/2bth currently rented for 950/mo comps in area represent this number as average for the neighborhoodCurrently livable but definitely needs work.Shingles soonco/alum outlets for aluminium wiring(old house)1 tree needs to be removed at some point SOON after arborist declares dead.The numbers seem good but I'ts a lot out pocket for such a small property I wonder if I could make better use of my funds.  

While waiting for them to replace the roof I began to paint, replace outlets, replace fixtures, and repair anything that wasn't working.

This buyer will likely always be going paycheck to paycheck with no ability to create savings to weather any unexpected medical bills, unemployment, etc.

They can add up very quickly and become unexpected costs.