You need working capital and should have reserves for the unexpected.

Sold during the 1st open house and it yield an unexpected and much higher ROI Lessons learned?

This 15% is off the sum of purchase price and rehab dollars plus a required 10% contingency reserve for unexpected costs.

Best practice: have a reserve to cover unexpected maintenance costs when you first purchase.

You need $ to own notes for unexpected costs after you acquire them and need even more if you have a business.Also Brett thanks for the shoutout on the podcast.

When the tenant tells you the refrigerator is not working well, that a window is leaking, that an outlet stopped working . . . what are you going to do?

If you end up trying it out, let me know!

They came back to restore power to the other room and now the outlet in the bathroom doesn’t work, lol.  

If there is a place in the basement for hooking up a washer, it will include hot and cold pipes with valves and threaded water outlets on them, a 120V outlet, and access to a drainage outlet, often a washtub.

I'm a first-time landlord that was unexpectedly thrust into renting out our home with a job change and I'm a bit naive to how the process works.