What do you all do about saving for repairs/non payments etc?

[Mitch Howard]

Hello all - first time poster here.

I'm just wondering how you all structure your financing in a way that gives you a cushion if something goes wrong and requires fixing, or a tenant does not pay.

I read somewhere that a general rule is to save 6 months worth of mortgage payments in case something were to go wrong, you wouldn't be left stranded. Does this mean that you save all the money your tenants pay until you have an account with 6 months worth mortgage payments? - Do you then set a separate account for repairs? and begin saving that up?

What are some general rules for a first time investor to consider.

I haven't yet invested in a property but I feel like this is a pretty important subject that many of you probably have a good system for.

Thank you all in advance!