What may be coming (see article).Hoard cash, expect the best, but prepare for the worst. https://news.bitcoin.com/homeo...

You are now experiencing first hand why you don't do a number of things/mistakes you made...that I can see so far:1 - NEVER combine the lease and the option into one contract2 - Never give rent credits towards the purchase3 - Your tenant/buyer agreement should be for 1 year...not longer4 - The "upfront amount" isn't lost. 

My financial adviser thinks I made a stupid mistake buying a turnkey property.   

Just be careful and model for worst case scenario - it just might happen.  

I didn't know a whole lot before I hopped into the RE market but fortunately I have learned fast with no huge mistakes (phew!).

Not a good idea unless you have significant experience in that market with similar properties and have made your offer based on worst case scenario to cover any possible surprises that may (and will) arise.

I think if you can be conservative with keeping cash in excess of down payments/due diligence costs, minimize risk through astute due diligence, and hope for the best/plan for the worst there is never a bad time to start investing.

This said, we’ve found as new investors that we’re making investments in learning—also known as mistakes—quite a bit along this journey.

As you said, worst case scenario would be a few months of interest payments. 

This would be a house hack at worst case situation paying asking price, with an fha loan that is adding a very high cash on cash return.