Everybody who provided detailed "Rules"  and examples I do value and respect your input and take away that it would clearly be a good idea to plan more for unexpected expenses. 

If you are a cash buyer, do you prefer a detailed information about the property or just the numbers?

@Wai Wah ChanRegardless of the technical answer, you can always ask borrower 'Hey, now that you have the money how about paying off both notes?' 

Then once you have that information you can get detailed estimates from contractors.

I asked both of them how much they charge (which is the same) and the realtor that flips gave us a descriptive detail on why, while the other did not (raised a red flag to me) Now they both are assuming that we are going to use them... 

Here is the property:  https://www.realtor.com/realestateandhomes-detail/545-6th-St_West-Des-Moines_IA_50265_M86748-68205 it's in a nice neighborhood with a school nearby.

Can you tell us some of the details of this deal by chance?

A quick google search should bring up the state’s website with all the details.

More details here: https://www.biggerpockets.com/forums/521/topics/550887-toronto-meetup-for-investors-in-us-real-estate-mon-april-9-2018

Being able to have a conversation that takes all your details into account will get you a whole lot smarter and in a better position to decide.