If they do set a cap, it will be on a future determined number, not an existing.

I have about 50k set aside that I’m willing to sink into my first deal.

Because what I mean by those "unexpected repairs" is that I simply set aside a set amount of the gross rental income each month as sort of a safety net aka just incase money for things such as a leaking pipe that I didn't know was going to happen before it happened thus it was "unexpected"So... technically I can't take out that 1% because that's just my own safety net savings I set aside but from that savings if something does happen that year and I have to make a repair that does end up as an "operating expense" since I have now spent that money and not just set it aside like with the unexpected repairs moneyHope this isn't too confusing to understand but now that I am reading over this I think I have answered my own question :D

So do they then set up a meeting in person on the day of closing between me, the seller, and the buyer? 

How do we set the LLC up to make sure it's not going to be considered when looking at bankruptcy issues.5.

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsGood luck on everything!

Setting aside a percentage of the rent for capex and repairs sounds like a good idea, and for some it is a good idea. 

I would like to set up a meeting a Motorworks Brewing or something similar. 

Hi Keenan,I'd be happy to set-up a time to speak if you're interested in learning more about our company - Chroma Property Management.

If that is the case, you just need to get a plan set up that will allow you to do that and you can use checkbook control to invest in real estate or other alternatives.