@Craig Parsons This! When I self-managed, I walked them through the important parts of the lease before they signed. Then handed them a one-page sheet on how to communicate, when to escalate, and the lease items that actually matter for that property. Took care of about 95% of the stuff most of us complain about. Most of it was never a lease problem. It was a “nobody told me” problem. A lot of people struggle with being direct and firm while still kind and professional. Experience helps. Lack of it makes that sheet do a lot of the heavy lifting.

This might be an unpopular take, but I treat high, reliable W2 income, available HELOC, and portfolio cash flow as my reserves. I’m in growth mode, so deploying most of my cash has been the reality. Once I shift into the stabilize-and-level-off phase, I’ll keep significant rainy-day money in cash.

It's more important to me to know your investment criteria and priorities and, when a property meets most of them, to see whether it will work for you. Like @Jay Molis said, there is rarely a perfect property but some can be closer to your ideal than others.