A reserve is unnecessary, but I still keep around $15,000 - $20,000 in my account.The point is, that you should sit down and assess your finances to determine what the worst-case scenario may look like, how much you would need to cover it without impacting your life, and whether you will need to build a reserve.

Obviously that feeling seems to extend to all people in all facets of life everywhere.

To set the scene: A cost seg study breaks your property into two important categories:1250 "real" property aka the building, foundation and other long life assets.1245 property aka anything that can be accelerated such as 5, 7, or 15 year property like carpets, cabinets, or other site improvements.

Lives and life savings have been stolen.  

It takes walking new investors through the process from real life lead generation to acquisition, renovation and disposition. 

My family has invested here my whole life and its been very good to us. 

Meaning you use the life-left of all the components that will need replacing in due time and factor that into your offer.Components expiring within a short period of time needs to be accounted for as deferred maintenance.

So even though I lost a deal and commission I won loyalty and a client for life and became very valued as an agent and very successful by getting the money that was deserved and obviously, rightfully, morally and legally due to her.  

Since I am entering this field in the latter part of my life (63), I do not want 'long-term' investments as I am not interested in making millions, but having enough for the remainder of my life to 'Vive La Vida Loca'!

It depends where you are on your wealth and life ladder.