I self-manage and because of the aggressive 15 year mortgage I take home just $450/mo which just goes into a savings account, so I don't split out repairs and vacancy. 

2 - Are you accounting for holding costs over those 6 mos?

I have no involvement in the deal at all, or transaction, contract, not a consultant.I set-up a quick LLC for them to pay me under, and opened a bank account for it.

Hey BP, I'm new to Bigger Pockets and wanted to give some life to my account.

Ive talked to a couple older guys about the loan and there are certain parameters that i have to account for but i think ive got it.I really want to go to the next REIA and keep checking to see when it updates.

Check with your tax accountant?

As a recent college graduate, I am finally in a position where I have enough money to invest, and it just hurts to see it sitting in a bank account not earning interest so I'd like to close my first deal soon. 

You have the same $7k/mo you started with for your home purchase.Reserves should be a non-issue assuming you have retirement accounts with that kind of income. 6 months reserves is only $20k, a pittance.

. … and your not doing tax returns for them or other accounting and such and your not on their loans with them etc.but I can see how @Andrey Y. 

This account has been growing steadily (but not as fast as I'd like).