There’s also no shame in saving up until you’re able to afford a down payment / closing cost and to have cash reserves in case something unexpected happens 

We reminded ourselves that the higher the profits the more we were protected if a recession or unexpected repair hit.Over the past 18 years, I've innovated a strategy that makes a big money b/c it adds big value.I'm starting to share our strategy with a blog.

First off, just a rule of thumb, but I budget more like 20% for overages in terms of unexpected costs.

The only real Pro is it will protect your assets if the renters have an accident that exceeeds the insurance policies coverage. 

Mainly accidents, tenant complaints, extra cleaning, etc.

I used a significant amount of my personal emergency fund for the unexpected repairs.

(I have one brother so there would need to be some agreement and language that if my father passed unexpectedly, that a percent would be as payout and not actual ownership percentage of the property, etc.).

Thoroughly figure holding costs, expenses, rehab costs, and build in a fudge-factor for unforeseeable hurdles (labor issues, material issues, unexpected problems, etc.)

However, insurance is limited because it only protects you from one type of liability: accidents/negligence.

I understand you should have an emergency fund to cover for unexpected maintenance or not having tenants and all that but is there some kind of clause on a FHA that allows the home owner to temporarily stay in a secondary home during the reno phase or something of that sort?