Fast forward - now we have a 5 figure roof repair to take care of and my personal checking account has more money in it than the reserve account. 

A trap you probably are not prepared to deal with.As far as the BPO question, the only way to confirm a BPO's number is to see the report the number came from.  

I am wondering if certain expenses should be factored into these calculations.Specifically If I plan to put aside cash reserves at the purchase of a property (6x monthly carry costs) should I include that in my cap rate calculation?  

I'd scope the sewer line and confirm material of water supply.

So not having those reserves is just really high risk in my opinion.I dont want to discourage you, I just know that on my first flip i ended up needing an extra 10k for holding costs in the end I still made money but if I hadn't had the resources at the time I would have been in really big trouble.

Be sure to use a good experienced attorney or at a minimum a lease document that goes into great detail in this area to avoid surprises for either you or the Tenant.2) Reserves for Capital Replacements -Sometimes you can include in the Tenant NNN Expenses a charge for Capital Replacement Reserves.

Banks have plenty of excess reserve; therefore, they are not under pressure to close quickly. 2.

If you are intent on more real estate, using the cash flow to build up cash reserves to deploy on future properties is certainly a workable option.  

Plan a trip out to see your properties, and two days before you arrive, inform your PM to post 48hour notice (or whatever your state requirement is) arrive with invoices in hand and confirm the repairs.  

Please forgive me if my questions are basic common sense, I probably don’t know or I’m trying to confirm.