I agree that the time horizon is a big part of the decision.  

However, if you buy right as an investor (below market, 20% down) and you have a medium to long term horizon, does it really matter if there is some kind of 10%-15% correction down the road?

And no new property on the horizon.

Jack and Jill are amazing and have a vast amount of knowledge.I am also trying to pursue land investing but with my last semester of senior year and an honors thesis in the horizon it has been hard for me to concentrate on this!

Fresh out of undergrad and without the prospect of a career job on the horizon, I took the plunge and moved from beautiful Reno/Tahoe to Knoxville, TN with the woman that I was dating at the time (now wife).

I'm assuming this is apartment syndication type money in the mid-teens on a 3-7-year horizon.  

If you're pulling 6% cash on cash return including property management, then you should be at least beating the stock market (over a very long time horizon) once you take into account your appreciation, mortgage interest deduction, asset depreciation, mortgage principal pay down, etc.  

My question is, assuming each property is in good overall condition and solid, no major capex expenses are on the horizon like a new roof for instance, how much should I be keeping in liquid cash for large unexpected repairs to these properties?

It depends on your time horizon, both in terms of how long you can let it sit and how much risk you can take with it during that period.

Each step you take reveals a new horizon.