I would stay away from smaller buildings, even if they have tax abatements, because unexpected capex can be crippling among fewer owners, and smaller buildings can more easily fall out of Fannie Mae compliance.

How much cash/financial reserves on hand do you recommend I have for unexpected expenses (building: 50k-60k sq/ft, 10-12 commercial grade HVAC's, building is about 36 years old)?  

The TV shows fail to show the bankroll behind the deal, the number of contractors working when the camera is not rolling and the issues that invariably come up on a flip that were unexpected.  

@Michael Doherty you should always put every rental property in a separate LLC so the one does not affect the whole and protects you against personal liability.If you have a property in your personal name It’s not just about Financial liability but legal and criminal liability as well in the case of an accident.

Hello I am a 1st generation immigrant and got into real estate by accident.

New foundation (unexpected), new floors, new kitchen, new bathroom, new porch, new electrical, plumbing.

Unfortunately, my sister died unexpectedly a couple of weeks ago and our family is in NH. 

@Tchaka Owen I hope so, I was conservative with my estimates but there are always unexpected cost.

Also not being liquid enough to get you through unexpected stuff like Covid or a materials shortage or maybe even a labor shortage.

I suggest that you add a little to this number because you'll probably run into unexpected needs.