And, if I had say, only $200 worth of expenses in a month to cover something, then the remaining $300 would be saved (hence the reserve fund that accumulates), right?

I do plan on putting together a full mark up for all expenses once I accumulate them.My biggest obstacle right now is I am dislocated from the city where this house is at but in a few weeks I will be back and get to look at the site.

In addition to this, NOO loans will require reserves and down payments which obviously you must accumulate.

It seems from some of your comments like you've got quite a bit of knowledge in REI, but 4 of the 5 seem to gravitate around arguing with MikeOH.I hope that you can participate here and share some of the know-how that you have accumulated and not just argue with Mike.

There's no way I'd want to risk any of their money they worked so hard to accumulate.

That is when its time accumulate.

Bottom line is I really want to get into the real estate business, and eventually accumulate several properties that I buy, hold, and rent out for the long-term... but am having trouble on deciding where to start buying since I don't have more than 10,000$ and I'm constantly gone due to the nature of my job. 

One of my properties in Euclid, OH received a violation from the city during the inspection last year:"The cellar/basement walls show signs of leakage and/or accumulation of moisture. 

You will know when you've mastered it and are ready to invest because the money you will need to start investing in RE will magically start to accumulate in your bank account.

Very helpful...Other than just saving money from my full time job what options would I have for accumulating money within the real estate investment world to have as a 6 months rent back up?