If the PM doesn’t sit on your  collected rent for a full month, they generally hold a small amount of an owners funds back so they have some money to use in the even there is an emergency repair before the next rent cycle.

I assume since the water company looked at it already they pumped out excess water from rain where the meter is and looked to see if it was leaking.If it isn't then take the area that is most wet and start digging to find the source.You might get lucky and only have to replace a section of pipe.If that's the case with a plumber a few hundred dollars although on weekends they charge more and for emergencies.

My "emergency" money sits at 11K.

PITI and all the Emergency Repairs left me with $100 to $150 a month from the rents on each House and Apartment.

In fact they charged us $1200 for an emergency middle of the night shutoff & then $1500 to hook the completely NEW run to the city  main because they had to dig up the road.

Make sure you have a team for emergencies. handy person, etc.Have extras of sheets, towels, wine glasses, and cups.. ohh and cutlery.It's work but it doesn't have to consume your life if you do it right. 

Most of our cash will be used for a down payment + closing costs, save some for emergencies.

From there, I read both of Lindahl's books (Multi Family Millions and Emerging Real Estate Markets) and I really liked his style of teaching.That is why I was wondering how his courses were and was hoping that some people on here would have taken his course or bootcamps.Maybe everyone is last minute shopping for the holiday so they aren't able to respond?!

A bit more context is Im experienced landlord in LA as Ive gone through the whole gamut of check boxes with this property (studs reno, relocating tenants, managing property, a second reno, lease renewals, emergency repairs, etc) So I have that to draw from, Ive also read the books touted on this site (OOS investing, landlording on autopilot) but as we all know, there is a gap between what the books say and what actually happens.

My first trip of the New Year to the emergency room, so I'm down for today, squeezing antibiotic ointment into my eye after the ER doc swabbed it off my cornea.