I guess it just depends on your risk tolerance and the age of major cap ex stuff.

So while I can tolerate a lot, I want the property to work for it’s intended purpose, and not be some white elephant just to get a low price point.My objective is to buy near-turnkey properties.  

However, those who DO go to the trouble and expense and can tolerate the risk, like @Dennis Lanni and myself, make money.Good luck.

It all depends on your risk tolerance, how much you're making, and how much you like your job, but unless I was making a lot of money doing something I loved, I would definitely live off the six figure rental income and reinvest at least half of that each year to keep growing the portfolio.

@Jason RowlettWhat are your goals and what is your risk tolerance?

Having a tolerance for a bigger rehab will result in a better likelihood of finding a BRRRR project, however your expense projections appear aggressive already.

It depends on your goals and tolerances. 

When it comes to you being defended in a lawsuit, you will have the same defense as an Additional Insured as you would as the Named insured.Lastly, the limit of liability insurance is more a reflection of your risk tolerance, but I can tell you $1M on a single family is what most investors carry.

@John Schutt Some of this is personal preference and depends on your risk tolerance.

Within my risk tolerance.  3 dozen units for over a dozen years with no issues for me.The backdoor transfer, when done properly with a warranty deed should just have due on sale clause risk from the lender.