$1 Million In Rentals - How Much in Reserve?

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Ok here goes.... I’ve finally put some of the useful knowledge I’ve acquired over the years on BP into action. My strategy is buy and hold and I’ve just acquired my third deal. I now have approx $1M in rentals but am 90% leveraged. My properties barely cash flow because I’ve only put 5% down on each. Rents in my market (Phoenix) are improving drastically at the moment and appreciation has been EXTREMELY healthy over the last 5 years. Normally if I read a post like this from anyone else I’d advise caution but bear with me....

My strategy is based around maximum leverage to acquire as many rentals as I can right now. My safety net is that I carry a hefty reserve. My question to the group is, given this set of circumstances.....what kind of cash reserve would you be comfortable with?

[Account Closed]

@Jay Hinrichs I bought each one on a conventional loan with 5% down, lived in it for a year, turned it into a rental. Rinse and repeat x3.