Unexpected repairs & capex that could put us in a bad cash position scare me.

@Mike Konstantas I know it's hard to have this unexpected situation, but try and work out an amicable situation.

The reason I require my tenants to make 3.5X their monthly rent is so they can still pay their rent when unexpected things in their lives happen.

I think the reason why "invest close when you start" is the rule of thumb is because it is easier for you to adapt to the unexpected, especially as you are learning. 

It was still a great deal, but in hindsight, I would've asked the seller for an additional $5k+ at closing for the unexpected damages. 

You need reserves to make your mortgage payment and cover unexpected expenses.I will give simple example.  

I work hard for the luxury of sleeping at night without the stress and fear of an unexpected bill coming in that could put serious financial hardship on our family. 

Batteries doing that average $1 to $1.50/day in credit on an average system.Also - and I'm sure this is not your case - but because of poor education by solar companies, a surprising number of homeowners believe they have "free power" because they have gone solar and use way more than they were before and then get an unexpected "true up".

You shouldn’t even care why it’s not paid (i.e. they broke up, had an unexpected car repair bill, check got lost in the mail, etc).

An unexpected budget expense?