Just make sure you’ve got a backup in place for any unexpected expenses that might pop up—trust me, they can happen.

I'm always delighted to see another investor from the Atlantic - even it you are as far away as those in TO ;-)

Especially as a first-time real estate owner (even if you've done as much research as possible), you have to plan for the unexpected.

What were some of the unexpected expenses that you encountered linked to the fire damage, if there were any?  

Just remember if keeping the properties for rentals, it's a business and have large cash reserves for the unexpected (I shoot for $10k cash per property). 

I can call, text & email mine anytime & he always responds very quickly.But not just for RE...My father-in-law passed away unexpectedly & my wife called our attorney on his cell phone the following Sunday as the family met.He spent 2 hours on the phone with my wife & BIL resolving some Trust doc issues.

How much should I budget for unknown repairs and other unanticipated/unexpected costs?

He's in rough financial shape and doesn't want to get an unexpected "hey you need a new A/C unit" or other such call.  

Good morning, I would ask for a utilities history, HOA fees, if there is a deeded parking spot, a copy of the minutes of the last several HOA meetings(should give you an idea of the issues other owners brought up), proof of when all of the common areas were last renovated (to avoid unexpected special assessments), when were all of the unit specific appliances were replaced(central a/c, water heater, dishwasher, etc.).

Moreover, during the inspection process, we discovered an unexpected basement space, adding further value to the property.How did you finance this deal?