Cash reserves: How much should a buy and hold investor have?

[Scott C.]

I'm a buy and hold investor and I have a question about cash reserves. How much is enough?

We have 2 and soon to be 3 (closing on December 3) SFRs. One is rented now and the 2nd one should have a tenant in it soon.

Is there a good rule of thumb for how much cash reserves we should have? I want to have at least some cash reserves in case there is an emergency and I need money to fix it quick. I also want to know how much is enough so that I can use the remaining to make more deals.

Any help or guidance would be appreciated.

Thanks,

Scott