So my Q is: is capex/maintenance/vacancy part of these emergency 6 month reserves, or should it go into a separate pot that builds up over time?

The market is a great appreciating one and worst case scenario if it did get down as a true STR I could rent it long/short ( 31 day minimum ) and cashflow.My thought that is when the ban comes and the pot gets thinned my property should theoretically do better revenue wise cause there are less properties to choose from.Am I right with that line of thinking?  

On the other side of things, sellers that spent the last 15 years smoking pot and letting their cats pee all over the house get to list as "well maintained, move-in ready"  

With a good property manager and a bench of subs, why isn't this a better strategy than bigger buildings with far lower returns?

New people often think they see pots of gold on every corner.

I am getting off the bench and actually playing

Fake News always trying to stir the pot for the attention &/or click bait...Sad.

Last thing you want is your tenant to forget about a pot of chili on the stove or to have him or her cooking up some extravagant, yet smelly, dish without the proper ventilation.Really, though, what it boils down to is what you're comfortable with.

While getting this sort of "annuity-like" payment is good, but so is having your entire pot of cash available to you as well.Not sure how you are calculating 9.99% IR nor for how long, but you can get 10% yields, some tax advantaged, elsewhere nowadays.I, in general, don't like the deal. 

Go to Home Depot and put a potted plant in the back.