That gives you a pretty good cushion for the next year or so.

Here again, I have a good cushion for my portfolio already.

This could very well allow me to pick up a second or third property sooner once I have enough cushion (assuming a good cash flow).

I would plan on putting $400 away a month for cap ex and repairs to start, but it's pretty newly renovated so I expect that will build to a healthy cushion early and I could back off the repair budget (still doing a few hundred for cap ex) after 6 months.

Let them know what you are intending to do and ask them to walk a property with you and provide a "rough" estimate on the spot (add around 10% for a cushion.)

Be very conservative on your ARV (final sale could be 10%-15% below your asking), don't forget to factor in construction overruns and discovery work (typically budget a 15% cushion), don't forget to budget acquisition costs (6%-10% of purchase price), selling costs (6%-10% of ARV) and holding costs (be conservative it will almost always take longer than you think or than your contractor tells you and may take more time than anticipated to sell and for buyers to secure funding).  

We itemize under each category with specifics, here is an example from one of our move-outs:CREDITAmount held as Security Deposit: $800DEBIT Less Deductions for Missing Items: $3010 year lithium battery from smoke detector ($10)Seat cushion from kitchen bench ($20)Less Deductions for Damages: $170Patio – stain ($20)     Living Room – one broken window pane ($50)     Living Room – five inch spot on carpet from black sharpie pen ($50)     Living Room – one broken wand on blinds ($5)      Front Bedroom – one bent curtain rod ($5)Back Bedroom - door handle bent ($10)     Kitchen - cabinet drawer wood broken ($30)Less for Extra Cleaning $110Stove Top ($25)     Range Hood ($20)     Kitchen Sink ($20)     Ceiling Fan ($15)     Walls – extra cleaning of grime & pen marks ($10)     Floor Vents - debris in ducts ($10)     Outside Debris ($10)Less for Unpaid Utilities $12     Electric (changed by tenant too early, $12 for Nov 20 to Nov 30)[Credits $800 Less Debits $322 = $468]Total Due from Landlord to Tenant (Check Enclosed) $468

@Shari Lawson my goals are to build a better savings acct of liquid cash but ultimately to buy and hold once I have a nice cushion.

It provides a cushion in case of a market turn. 

We can put down about $100K and have extra cushion for renovations/closing costs.In your experience, if you were advising two newbies, would you WAIT to buy in Oakland until prices drop?