Also, stash some money away each month for these big events).

Also, you want to put some systems in place to handle common events such as maintenance requests and paying rent. 

Hold back 10% until the total project is complete, this will help you to cover costs if he does not complete or damages occur the property. 

Could it occur in the future, of course.

Also, there's the risk of major events coming up (like the corona virus) that could wipe you out if you don't have another source of income (i.e. your job). 

If you have assets that could be a risk in the event of a lawsuit then placing your property in an LLC is usually advisable.

This has already occurred regardless of where the virus goes from here.

There is a Bigger Pockets meet-up event that occurs on the last Thursday each month. 

All events with 250 people or more are banned. 

The hospitals are full now, and God forbid if I or anyone else has a heart attach or other medical needs...my, or their, life may be another casualty, not reflected in stats, of this event.