However if you build a Business relationship with the tenants from the start, making it clear you are serious about the terms and rules, and following that up with fair and honest dealings, even when an unexpected life event happens, the tenant will more often than not communicate and make good decisions.The one thing PM's bring to the table that is never discussed here, is Knowledge.

Well, if you are going to purchase a performing note directly from your self-directed IRA then yes you could pull money from other Assets in the ira to fund unexpected expenses. 

Some common mistakes that homebuyers make include:1.Not getting pre-approved for a mortgage before shopping for a home2.Failing to consider the long-term costs of homeownership, such as property taxes and maintenance expenses.3.Not having a clear idea of their own needs and wants in a home.4.Not shopping around for the best mortgage rate and terms5.Failing to get a home inspection before purchasing.6.Not having a contingency plan for unexpected expenses7.Not considering the location and potential for appreciation8.Focusing too much on the short-term and not thinking about the long-term potential of the property9.Not having a realistic budget and overstretching financially to buy a home.10.Not working with a real estate agent or not finding the right one who can guide through the process.

For me it’s primarily with the rent price and the rehab cost that I use what I feel are minimum and maximum values to ensure I can still make an acceptable margin even if unexpected items present – for me it was having two other homes come for rent on the same street, I had to lower my targeted rent slightly, but it was still higher than how I ran my initial numbers to commit to purchasing the house.Take good pictures.

If you scrutinize the latest improvements of the building - roof, windows, paint, parking pad, tree cutting etc. and guess that you may avoid costly assessments of the Board during your time there, and are prepared for the unexpected, go for it.

I’d love to connect sometime and see if I could help out.  Let

Change a P TRAP, change an outlet, hang a door, replace a window, snake a drain, repair sheetrock, paint,  etc Not rocket science LOL 

Rent it out the rest of the year via Airbnb or any other outlet to help cover expenses.Conversely you could not worry about claiming it as an investment property and simply use it as a second home.

It appears she had bought it at an outlet store marked down to $29.99.

That is a large unexpected one time cost.