If your tenant loses their job, gets transferred, divorced etc during the term of the contract I do not feel the PM company can foresee that any better then saying you will not be in a car accident this next year...

Otherwise, you'll probably buy cars with unexpected problems.

Reserve an Emergency Fund: Set aside a portion of the rental income as an emergency fund for unexpected repairs or maintenance.

Unexpected costs, renovation delays, series of poor quality tenants.

I’m new to wholesaling and I’m looking for some help on creating contracts that will protect me from legal issues & also protect my buyer/seller if anything unexpected happens.

If you add them and they cause and accident or need to go to assisted living the lawyers or the government will want the house. 

Its your responsibility as a landlord to provide a safe environment to your tenants.Regarding the insurance, I would definitely seek to have the property insured for peace of mind and to cover yourself from a legal perspective in case there are any accidents that happen on your property.

Rul. 200601022), an unexpected need to provide housing for family members ( Ltr.

Her husband died when she was 60 years old, with his life insurance, savings from lifetime of scrimping, an accident insurance settlement, she had $600K.

Of course accidents happen but the probably of being the victim of a crime isn't higher than if you go into a supermarket in the US and risk being the random victim of a mentally-ill mass shooter.