The conservative way to budget Capex reserves is to look at estimated remaining useful life of each item: roof, siding, windows, kitchen, HVAC, water heater, bathroom, fences, gutters, chimney linings/tuckpointing, foundation items, etc, and assigning a replacement cost divided by remaining useful life.  

. $800 a month can be eaten up by a bad water heater, replacing an appliance, roof leak, etc.

Once you buy one, you'll probably buy more.Some suggestions:1) Us Quickbooks and set up Classes for each property and subclasses for each unit. 2) Scan EVERYTHING to either Google Drive or Dropbox. 3) Create a consistent folder-tree convention, example:   Main_123 (property address with street name first)   -General Property Info   --Insurance   --Property Taxes   --Title Docs   --LLC DOcs   --Purchase Docs   --Loan Docs-Utilities-Maintenance-Leases   --Folder (LastName_FirstInitial)-Advertising-Rental License-InspectionsAppliances & Mechanicals (pics, model tags, warranties, etc)4) Create list of consistent naming conventions for files so you don't have to open themExample: yyyy-mm-dd Main_123 Water Bill mm-dd to mm-dd $xx.xx               Lease Main_W_123_#unit (LastName_1stInitial) $RentAmount EXP yyyy-mm-dd5) Create a great lease by reviewing several from online, then have attorney review for compliance with state & local laws.

Mine has roof, floors, hvac, appliances, hot water heater, bath and kitchen remodel, exterior paint or siding, driveway, etc.

(replace a faucet & a hose bib)The receipt was not itemized - just a vendor invoice for parts & labor combined.Is this 'standard' practice for PM companies?  

Gutters will help prevent more water from splashing up on the siding I am guessing.   

Left opening for louver doors so the HVAC and Hot water heater were accessible as well as sump pump. all three bathrooms tiled What was the outcome?

If there is a claim and it comes out that it does it meet their underwriting guidelines they may be able to deny coverage.even if they would cover a 3 family, the building coverage will be for a single family (1 kitchen, one furnace, one hot water heater, etc).  

Just did a phase 2 recently with drilling and water/soil sampling it ran $6k.

My tenant was hanging shelf and screwed into a water pipe.