You can tweak the vacancy/maint/capex etc by setting up a reserve.

Is there a rule of thumb on reserves that should be kept if one was self-insuring?

I also have some cash reserve saved.  

Some percentage of the forced appreciation is your "cash out" to be used for another down payment.HELOC's are typically reserved for primary residence and act as a second mortgage on your property.

If you do not have reserves enough to weather Cozy's delay, there are bigger problems afoot.

By the time your lease is up you'll have a nice cash savings allowing you to use an FHA loan and still have plenty of money left over in reserves.

Meaning do they have high enough reserves, insurance, low enough percentage of investors units, enough individual owners, etc to make it easily financeable.

We have 70 rentals and have a reservation/office manager, maintenance manager, housekeeping manager, and general manager but since we are still a small business everyone has to wear multiple hats!

Best time is after the renovations so that the ARV allows the equity to be used to buy it down instead of coming out of your liquid reserves. 

Property/unit reserves and lease security deposits should be kept in escrow accounts.https://www.mass.gov/info-deta...How much experience do you have as a property manager?