Financing and Reserves

[Lauren W.]

Hello - 

I am new to biggerpockets and I have 1 SFH rental property and I am seeking advice.

I hear tons on leveraging, low money down...financing but I don't hear much about the length of the loan.  Should I take out 15, 20 or 30 year loans? What % or amount of cash should I have on hand to cover vacancies or big ticket repair items.

Is there a good rule of thumb to determine if I am under leveraged or over leverages?

Any advice is greatly appreciated.

Thanks,

L