Cash Reserves for CapEx?

[James Babb]

If you've got $100k to invest in property, what percentage are you putting toward deals, and what percentage are you holding back for reserves to handle unforeseen capex? I've heard and read that the general rule of thumb isn't much different than what's common in personal finance: at least 6 months expenses. But I imagine this is highly dependent upon the type of property and the type of deal structure. Obviously the idea is to get as much of your money working for you as possible, so it's counter-intuitive to keep a big stack of cash in the bank, collecting dust. Is there a generalized rule of thumb?