I don't have a massive reserve of cash so the less I have to put down the better in case something unexpected comes up which it does 99% of the time.

I have other excellent ways to help get them out, let me know if you need off the record advice.

A property that cash flows on paper may in fact cause you large cash losses for years due to unexpected/unforeseen capital expenditures or skillful professional tenants who evade eviction for months or years, etc.

The front door was broken down; the NEW carpet was burned by the concussion grenade; all the light fixtures were torn down; the outlets were ripped from the walls; and all of this was in addition to the damage done by the tenant.

I have some cash reserves on the side just to cover any unexpected expenses if it cannot cover itself (hopefully these kind of events don't occur often).

I have seen condo owners assessed10s of thousands in special assessment by boards to do unexpected repairs and upgrades.

Nonetheless, the contingency budget is essential, as real estate projects often encounter unexpected costs.

Usually I feel I have enough margin to handle anything unexpected.  

It's better to take the chance on that than to take on a big renovation with a $60,000 profit margin and next thing you know you are significantly over budget and you have unexpected costs that eliminate the profit anyway.

And I don't mean they just stop paying and move out. Let's