@Terrell Garren @Joe Splitrock so 3-5% of property values for maintenance in a checking account as well a CapEx account with $10-$15K should be sufficient for starting out

Your basic insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

I could see that if the parents are say 95 and moving into assisted living and have sufficient assets to live on for the rest of their live then providing their heirs with a gift now wouldn’t seem like such a bad idea.  

Maybe the insulation on the 2nd floor and basement is not sufficient?

Thank you that answered my question quite sufficiently.

Long story short the property did not meet the FHA self sufficiency test.

Challenge was stocking sufficient bedding/supplies for STR - learning how to navigate Airbnb/VRBO platform differences, and communications with clients.

But I am curious if the Bigger Pockets BRRRR calculator would be sufficient to use for smaller MF properties?

 I require a free written application up front but make very few of my fields "required" (and software enforced)--  it is the tenant's responsibility to provide sufficient information for me to rule them in.

I'd recommend targeting 2-families if using an FHA loan in order to avoid the self-sufficiency test.The market is also cooling so you could work with your agent to target properties that have been on the market for 30+ days with offers well below asking price.