Flips run into un expected expenses and can cost you if the market slows even more. 

Travel costs should also be considered, as well as having a contingency plan in place for unexpected events.

I assure you, accidents happen and plumbing fixtures do fail so we're all much better off following good, logical codes.

I realize there are unexpected things that come up and a dizzying amount of variables that affect the cost, but I need to start somewhere and don't want to pay for engineering and other studies for every property that I review. 

No commissions or unexpected fees!

The original owner died unexpectedly and the family ended up with it.They did a few repairs with the deposit the second potential buyer forfeited.

In the contract verbiage it states that the PM company will not be held responsible for any accident, injury, death or damages in/on the property or surrounding areas that are resulting from the condition, maintenance or operation of the property.I am an out of state investor, so to know if there are any concerning hazards it would be from them notifying me.  

The family is likely in a crisis and may not have a few thousand dollars to spend on an unexpected security deposit.

Outside attacks (from your personal self-- like you causing a car accident and them coming for your assets); protect these with other insurance and a personal umbrella policy

Whether it's an unexpected repair or a shift in market conditions, flexibility and resourcefulness are your greatest assets.6.