If your are cash flow positive, you can weather long term through emergencies and other problems that could arise while you wait. 

Sorry for the late reply guys My grandmother took a nasty slip last week and I had to take an emergency flight back to GA.

The way I see it, I only plan to file a claim for large emergencies.

So you should have that "emergency repair" expense factored into your calculations too in the form of OpEx or CapEx or Maintenance.

Wealth is for protection from unforseen events and emergencies.

I tell them who I am, how and where they can pay rent, how they can communicate with me (ordinary vs. emergency), and that I need to perform an initial inspection of the property within one week.

My dilemma is this: I would ideally like to wait until I have emergency cash reserves to cover 6 months of mortgage payments for all 3 properties.

You can get over 5% on a 26 week TBill on treasury direct while you wait for opportunities to emerge as interest rates continue to correct the market.Be safe out there.

I know it's hard to cash flow today, especially in the A neighborhoods, but would like to hear what you think.ThanksI would jump into emerging pockets, buy when it’s considered a c area and sell when it comes up in grade.

Or you could purchase several properties with leverage in emerging markets.