I prefer to have at least 6 months cash reserves per property plus another $10,000 per property but I know everyone has different risk tolerances. 

Having said that, if you are buying the property well below its assessed value and the appeal process is tolerable, it can change a maybe into go-for-it deal.

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

One way to apply common sense to "reasonable" is "what would I or my family be willing to tolerate".

The problem was neither the neighbors' or the town had any tolerance for that.

How much time,money and risk tolerance you have.

@Eric Grunfeld, depends on your risk tolerance.

So, starting with something that doesn't need work usually helps us understand what our tolerances are. 

If you want to stay in Phoenix, house hacking might be difficult with one full time income in that range unless you can tolerate living in a rougher area.I would look for a standard starter home, maybe even a condo or townhome, this way you can keep some cash on hand and hold onto the property for the longterm. 

However, thorough due diligence and careful consideration of legal complexities are crucial.The optimal choice highly depends on your specific project and risk tolerance so keep that in mind.