Financial Philosophy for First-Time Investment - Single Residential

[Jake Diab]

Hi everyone, 
I'm a full-time touring musician beginning my foray into investing - looking at high ROI markets in Metro Detroit (Excluding the city of Detroit itself) between 80 - 120K purchase price. I have a flexible lender, but thinking of doing minimum 20% down to avoid the PMI fee. Generally, I'm expecting, and am prepared to spend $30,000 between down payment and closing costs, which I can afford.

My question is: Given I plan to buy and hold rather than Fix and Flip or sell in a few years, what cash reserve do you think I should have to feel like I am prepared for the WORST case scenario (e.g., another recession, client vacancy of 6+ months, etc). Is $10,000 in reserve "enough"? I currently have a fully paid off house, and zero debt whatsoever. 

That said, I'd hate to find myself in a position where I am struggling to financially support my mortgage payment in the event of vacancy / recession. 

I'm stoked to start this process and have a solid grap of the fundamentals, but I want to make sure I'm prepared for when sh... hits the fan. 

Thank you so much for your advice in advance.