You need to have liquid reserves available at all times to deal with those sudden expenses or drops in income. 

Which meant all of a sudden we were replacing another floor of windows.

It's not a step-by-step how-to guide so you won't read it and suddenly know exactly how to go from $0 to a million.

Remember, when you're running the numbers, always factor in property management even if you don't plan to use it - you never know when your circumstances may change and you'll need to hire PM and suddenly be in a negative cash flow position.

Don't fool yourself that this seller is going to suddenly drop his price $120,000 after 800 days on market.4. 

@James Wise   My old partner in my timber was just this kind of buyer and seller when he was buying it was hey that's not worth that but when we then own the asset and sell it all of a sudden its priceless.. and timber is another art form in of itself.. big money in the right timber stands dwarfs anything we talk about in SFR's  there is a reason they call the Barrons Timber Barrons..

And it suddenly seems possible that maybe one day I'll be able to quit my day job and do what I truly love.

All of a sudden it turned out to be an inheritance/gifted money/whatever.

I had a quote done and its about $30-60k in total damages.I understand that home insurance only covers water damage/foundation damage if its caused by a sudden incident such as a fallen tree or strong storm.

That's lowest ive ever seenVacancy of 5% calculation .. put it at 10%. 5% means once every 2 years your empty for a month ... hmmm, suddenly your empty for 2 months or non pay 2 months and you need 3 years cash flow to make it up ?!?!