Did you encounter any unexpected challenges or opportunities during this transition?

Like @Evan Kraljic said, having capital for the flip is very important and only having $15k may not be enough of a buffer if something unexpected comes up (especially as a first time flip).

By doing this, you are extending the policy's coverage to include your property manager, should they be held liable for any incidents or accidents that occur on your property.Why is it important to add your property manager as an additional insured?

If you buy the deals right the unexpected costs/issues may dig into your profits but won't make a deal a loser (hopefully).   

So even if you pick a state with stronger protections like WY or NV, the cause of action arose in the state where the tenant fell, so likely that the court where the accident happened would have jurisdiction.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

So even if you pick a state with stronger protections like WY or NV, the cause of action arose in the state where the tenant fell, so likely that the court where the accident happened would have jurisdiction.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Also, it's HIGHLY likely that magically this will be the time of a tragic accident/funeral, and either they or their family member (likely a child for specific heart strings) are in the hospital and can't pay the rent.   

What is The recommendation to accrue and pay for a unexpected capital upgrades, i.e. furnace, roof, sewer, parking lot, windows, etc. when you are just covering expenses at 10/12% cash-on-chash returns?

If you start thinking this way, you can begin to capitalize accounts so as to be ready to spend when necessary...Of course, there are accidents, and for those things you just need to do the best that you can to have a lump sum.

While doing some work, my handyman unexpectedly stepped through the basement floor near a floor drain.