Don't hesitate to ask questions as they arise. 

The probability that we enter a rising interest rate environment is much greater than seeing a significant nation wide  housing collapse.  

By haveing your own agent they will be able to advocate on your behalf and always maintain your best interest in mind no matter what situation arises. 

Above $200K, use 75% or even 80%.The 70% Rule is too aggressive in a down market and too conservative in a rising market.

Michael, may I suggest you go to law type sites, there are law schools that publish thesis papers, there are forums, lots of law firms have Q&A or search real estate options and look at the source of the site and stay away from RE promotional sites.Legal issues exist arising from those rights conveyed by an owner to a tenant, I won't go into history but this thinking is based on over two thousand years of rights of owners and owners or those occupying property and the King under English Law. 

So, although the cashflow could be nice, you should be prepared with reserves besides the down payment when an issue arises.  

But if an opportunity arises, I am more than willing and able to proceed.  

I'm just curious how much cash I should try to keep in reserves at all times in order to deal with any major repairs/vacancies that may arise.

The value of an attorney is how they would defend you if a suit arises.  

Hello, I'm not sure if I've bitten off more than I needed to, but the more answers I get the more questions arise...