It sounds like you have leveraged yourself beyond your comfort level with no reserve. 

Build up your saving and cash reserves.

Debt-free investing in real estate is unconventional, and traditionally reserved for those who: a) are restricted from using debt, or b) use it as a competitive advantage such as we do.As many BP members know (and will scream from the rooftops) debt is an efficient use of financing to maximize your cash on cash return.

@Mukul Patel you seem to be missing 2 important line items:1) Repairs & maintenance - Unless your contracts say the tenant is responsible for all repairs & maint or it's part of the condo fees then this needs to be in your underwriting.2) capex/reserves - once in a blue moon you have a capital expense item.

Have reserves.

I would suggest before you get into rentals you build up some cash reserves.  

Also, if you are self managing this is money that should be coming to you each month just like any other expense.Repair reserve - repairs may be on the operating expenses as a line item but how much are you going to need to set aside each month/year for large repairs like the parking lot or roof.Once you know the unit rents you should check with other similar properties in the area to see what their rents are.  

@Carrie Reymenthttp://files.consumerfinance.gov/f/201204_CFPB_HEL...The link above takes you to a PDF circulated by the Federal Reserve.  

Why jump through all the hoops to get a conventional loan huge cash reserves required, providing all the required loan statement etc etc when you can do a portfolio loan much easier?

after how many properties do the banks start looking at how much you have for reserves?