He also knows how to perform cost allocation studies on rentals when you need them.

So I don't think # of employee matters, but I heard they will process those with more than 1 employee faster and allocate more money.

Matt, if you're still in house acquisition mode, hunting and buying and renting to prepare for a better future for you and your family, it doesn't make any sense to buy a $50K car in the first place.When I referred to how much money someone might have in savings, I meant how much someone might have that was not allocated to any other need. 

As you grow older adjust the allocation so its more conservative, so your portfolio is not as sensitive to market volatility and then cash out after retirement.

Allocate the other 50% that was rental into a 1031 exchange and purchase a new replacement property  = tax deferred.

A big factor has been setting a strict budget that eliminated things I don't really care about, allocated a portion of that spending to things I do like (eating at restaurants from time to time, vacations, etc.), and saving the rest (sacrifice & discipline).  

@Jeffrey McintyreThe IRS/Court cases have listed several methods determining the cost between building and land.As Long as you use one of the methods and document it; you should be fine.I do see many accountants just allocating a random figure between land and building across all their clients.

@Rafael Norat : I think allocating 2 years of reserves is a great idea: wondering though, how much are your total costs for the 30 units you have currently (costs for repairs, utilities etc) and if you will factor those in - into the "2 year" reserve goal or not?

I would rather recommend that you follow a true passion and continue to allow RE to be the asset you allocate your savings to grow long term wealth.

Here are the monthly allocations (+10% cushion for vacancy): taxes (TTM/12), vacancy/turnover 5% GSR, water/sewer/trash (TTM/12), repair/maintenance (10%), cap ex (3%-goes to money market monthly), CAM (lawn/snow) (3%), insurance (TTM/12), debt service (actual), property mgmt (12% - although I self manage).