I would like to raise more capital beforehand in order to build a cushion so that any big expense won't wipe me out.

I have a quick flip I'd like to do, I'm buying 30% under fmv and want to turn around and sell this baby asap within 2 months max!

Tenant induced damage is things like not changing your air filter and the unit freezes up, flushing wipes down the septic system and clogging it up, etc.  

The real reason I'm posting this reply is to highlight this... 75% of your rental amount should AT LEAST wipe out the PITI on that property on a good rental and Improve your DTI with each rental.

First you need to know yiour state foreclosure laws and what gets wiped out at a foreclosure.

Just remember, even if you have a property that cashflows (with tenants in them), with a vacancy and repairs, couple of months of cash flow could be wiped out very quickly.

Yes if they foreclose and it sells for $250k and they are owed $280k, you get wiped out.Note: just because the Unpaid balance of the loan is $280 the balance could be significantly higher due to accrued interest, late payments, lender advances...

If you don't pay those and mortgage company doesn't pay either, then at some point you could get wiped out with tax foreclosure. 

However if you go and contribute and participate and shake hands and kiss babies every month for a year, people probably remember you when they need you.

Think of it like a long term rental and short term rental had a baby.