I used a 20% loss on gross (10% vacancy, 5% CapEx and 5% repair) on each house. 

At a glance I would tell you to do things in this order before purchasing more properties:1) Build enough cash reserves to cover large emergency expenses on your current properties say $5k-$20k depending on age of the property, value of the property, and your risk tolerance.2) Build a personal emergency fund that will cover you for 3 to 6 months (depending on your risk tolerance again) if you suffer a financial set back (i.e. loss of job, medical problem, etc.)3) Pay off all other debt besides loans on investment properties.4) Make sure you are setting some assets aside for retirement outside of real estate.If you follow this basic formula you are setting yourself up for success no matter what life and the markets throw at you.

Until then, a little concern is in order, but not worth any nightmares or sleep loss yet @Michael Gregory :)

This morning they came and took their ladders and tools only and left all debris so when I took my lunch break today I went outside to remove the debris because I was scared my 4 yo son would venture outside and step on something or have something fall on him and in the process I stepped on a huge nail that went right through my shoe and now I am leaking blood and in terrible pain and still had to return to work so I don't have loss of wages.. 

A non private lender can also be a hard money or asset based lender.While I am sure that the success stories of using private lenders reported on BP are correct, I have been told of many losses from people who made private loans.  

I know several student housing investors, though most are out of the market now, but they assume the worst and mitigate by signing the parents to the leases, charging large deposits, and working the turn losses into their models.

It seems as though many turnkeys are purchased for the long-term but there may be a time when the market dips and the investor may have to sell at a loss because it was purchased with little equity to start off.

Big loss, but better that you didn't stay in a bad partnership.

I look at it because Buffalonians are still as a whole renters and there are a lot of cheap buys in that area (say $10,000 on a fixer double)  that give you room to get into the market and also to charge lower rental prices to make sure it stays filled without suffering any real losses while allowing the inevitable push towards the area in the next 10 years when all the west side neighborhoods are overflowing.As a whole, very little stays on the shelf in the Buffalo market today, particularly in the city.

We also don't have a ton of cash reserves to just eat a $30k loss on a conventional sale with the CT property.