Figure that is your DP, closing costs, rehab, and all the other cash items that happen upfront. 

You get the lifespan and calculate how much you need to save for each item.

You will be high with some and low with other items, overall you'll be in the ballpark.

@Daniel Gibson @Bruce Woodruffthere is an active leak, which is the most concerning item.

This allows us to know approximately what we’ll spend during the renovation/furnishing stage after we acquire the property.BudgetWe go through our list of renovations & label each item as essential or nice to have.

If they ask for details just be clear on what each line item is, including the cushion.3.

Final item is that 30 year mortgage in all cases allow a greater leverage opportunity than a 15 year mortgage. 

But it will as soon as rents can be raised.Try to get as much information on the big ticket items such as roof, HVAC, etc. 

I'd ask the lender to itemize the closing costs.

Did you put in an item that you can decide each year to distribute or not distribute income?