But then there are others… the ones who slow everything down, tack on unexpected application fees or processing costs, or just have terrible communication that leaves you guessing and stressed out.I’m curious  which lenders have you worked with and had a bad encounter?

And definitely include a contingency reserve for unexpected issues that come up during the project.Overall, it sounds like your calculator is shaping up to be a really useful tool for analyzing deals realistically.All the best!

You have to be ready for setbacks (and a lot of them) along the way: be it lost shipments, faulty products or unexpected costs. 

If you can’t find a way to save it will be really hard to build up money for downpayment, handle unexpected repairs, and deal with vacancy.

A practical approach is to weigh whether the extra $200/month cash flow and appreciation potential outweigh the added workload and risk, and make sure the numbers still work if unexpected expenses come up.

It's why it's also important to have a large enough margin to allot some budget for unexpected expenses so you don't end up breaking even or worst losing profit on a deal. 

The unexpected things causing the budget to get blown up is what I was concerned about.

After a city examiner unexpectedly required a 3-hour rated floor assembly between the first and second floors due to the buildings wonky design, I asked whether this changed the standpipe requirement. 

Renovations, such as upgrading common areas, adding amenities, and improving unit interiors, can be costly, so it's crucial to determine the expenses before acquiring the property.Seeking the help of a construction professional is recommended to create a comprehensive budget that includes hard costs (materials, labor), soft costs (architectural and engineering fees), and contingencies for unexpected expenses.

We know how to fix the absolutely unexpected.