Sorry about the unexpected surprise. 

If you have other major repair (appliance, HVAC, plumbing) that is unexpected it will also eat up your cash flow.   

. $84,000.Now, because of bad weather and 3 months of unexpected construction delays (contractor found plumbing and electric issues so I had to wait for permits and fix them out of my own pocket), I only got reimbursed $13,600, for phase 1 of my construction.

I would want to put 25% down, so my cap is likely 400k, and I have some cash in reserve for unexpected expenses.

We had to dig into the 401K's once in 2011, $10K when we had unexpected expenses.

On the A/C replacement side, it sounds like you might have purchased a property and not properly budgeted for unexpected repairs and are worried that the purchase is now going to be a negative investment.  

That's why they continue to live in sub $50K places paying my rent, knowing I have their back against unexpected expenses they're nowhere near financially competent enough to deal with.

I was skeptical at first but it was a delight.

This actually pertains to an unexpected flip.Generally; if an investor meets real estate professional requirements and has multiple rentals in single member LLCs, taxed as disregarded entities and has no W2 income, no S Corp, just LLCs1. and then a property is bought & added within a LLC that has rentals in it already with the intention to hold it as a rental, BUT after rehabbing, it’s decided to flip the property instead . . .

If rates unexpectedly increase and the loan term is coming due, guess what?