Question re Maintenance / Vacancy Reserves

[David Katz]

Will soon be buying my first turnkey property (my first investment property period).  I understand that you should earmark a certain set percentage of rent per month to maintenance and vacancy reserves.  What do you actually do with those funds until needed?  Do you set up a separate checking account specifically to hold maintenance/vacancy reserve funds so that its always readily available if needed?  Curious how people logistically handle and treat that cash before its actually spent down the road.