@John Thedford  Surprised they called it a redemption period. 

Job loss, unexpected bills, etc...

There will be times that someone who barely uses credit, but pays it off in full any month when they do, but also has a modest FICO because of the lack of credit usage and lack of paying interest (SURPRISE!

@John Thedford surprisingly, one of the biggest lenders in NJ requires a pretty big upfront payment. 

Reassess this number every five years based on the performance of the property and the amount of debt left on the property.If you do this properly, all your surprises will be good ones.If, on the other hand, you are speculating in zero-cash-flow properties that you believe in your heart of hearts will appreciate and make you rich, I wouldn't feel confident saying that you are investing in real estate with FI as a goal.

This deal has been on the market for a month now and to be honest I’m surprised someone hasn’t jumped on it, it seems like a cash cow.

@Lee Burns Thanks that helps, so even if you don't ever plan on selling the property it would be good to have these exits in place in case your math was off or some other unexpected variable arises and makes the deal go sour.

It wasn't the worst I've seen, but leaving out food and dirty pans attracts bugs.My lease states the apartment should be clean and sanitary, and was treated by an exterminator before they moved in, and any new issues would be their responsibility.I was actually surprised when I pointed this all out -- they cleaned the place pretty well and took care of the food/dirty pans.

Unexpected expenses have popped up but we believe that, overall, our position is promising for the future.

@Loren Clive I am thoroughly surprised your able to get that many 1 night stays.