The few people that hit a homerun on accident and then brag are the exception. 

Basically how to ensure that you are covered if an accident or something would occur while they were driving "for you."

Well, they can include things like illiquidity of the investment, an unexpected vacancy, interest rate risk, adverse tax consequences, and long-term hold periods, to name but a few.

Leave yourself flexibility if a big unexpected repair comes. 

How can I obtain more financing so I don't go broke trying to finance my first flip - which of course is bound to have several unexpected expenses along the way.Should I look into getting a personal line of credit?

so, you can see how in a year with decent appreciation, the appreciation can very quickly eclipse the cashflow...Because cashflow is similar to "defense" and appreciation is similar to "offense", different investors will prioritize them differently depending on their position....for example, for a beginner with a relatively low net worth, an unexpected capex of $25k could be devastating if they don't have sufficient cashflow--so for them, a property that cashflows $100/mo vs. $900/mo could be the difference between survival and bankruptcy (they need the cashflow to cover that capex NOW; they can't wait several years for the property to appreciate, so adequate cashflow is critical) ...but a more experienced investor with a net worth of $10 mil can easily survive that unexpected capex of $25k, and to them, whether the property cashflows $100 or $900/mo might be trivial if the property is appreciating well..Of course, appreciation isn't guaranteed, and real estate can (and does) depreciate in some markets... also, in today's market, it would be very difficult to get a typical single family (or even some small multifams) to cashflow at $1k/mo as an LTR....and then there's the important matter of taxation...all of these are additional factors you'll want to educate yourself on...There are a LOT of moving pieces to consider in REI.Good luck out there!

The Swiss Cheese model is a model used for determining how accidents are caused.

Everyone else will still drive their own car, or take an Uber on high-demand days.If they aren't forced to take an unexpected left-turn towards Gulfport instead.

Purely by accident How did you finance this deal?

Sudden and unexpected events is all insurance covers.