Cash Reserves for First Deal

[Justin B.]

I am preparing my finances in hopes to purchase my first buy and hold Single Family Rental in the next few months.  My goal is to purchase as close to a  rent ready property as possible that will require minimal repairs. (no more than $5K)

What are your recommendations on how much cash I should have set aside incase of emergencies, repairs, vacancies?

This cash would be in addition to the cash I will use for the 25% deposit, home inspection and 5% closing costs.

I am planning to use a property manager and save all cash flow, along with the set aside costs (cap ex, maintenance, etc.). but this will take a while to build up so I want to make sure I am prepared for the worst case scenario.

Thanks,