I do pretty decent for my age, and I live at home still, so I've been saving up a lot of money.

@Jordan Miller - I think to give proper guidance it would be good to share more details on the revenues and expenses on the property.

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.

I wasn’t prepared to lose so much of my savings as carrying cost basically I paid for the tenants to live there for 3 months + my own living expenses in that time.

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

Since I live in an expensive market, I'll need to do remote investments in the near-term, so right now focused on turn-key properties. 

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Hopefully, not an expensive tenant or Fair Housing lawsuit.100% of what @Travis Biziorek states is true, but he left out a key fact - he lived in the Detroit area when he started investing here, so was able to self-manage and meet everyone he had to hire face-to-face.

Not sure if you have a place to live/call home, but by your content I'll assume you have a place to live and don't need to townhome yourself.

Denver is very expensive for a new guy who doesn't have loads of capital so a market like Missouri for example is intriguing for far cheaper real estate but then Id either have to move, improve the property remotely or simply buy and hold as a rental for X time.