In my limited experience however, it’s my understanding I will need to be able to show that I have a certain amount of cash reserves set aside to maintain my current properties in order to get bank approval.

Luckily my long commutes have been saved by the Picket Pockets podcasts and my free time spent here on the site and expanding my knowledge through reading.My goals are to be become a buy and hold investor while maintaining my current career so that in the future my retirement and income streams are not solely based on my job and/or equity investments.I do have a question that I would like feedback from the forum as I begin to formulate my plans in the near future:When we go to make the move we will have enough of down payment (20%) saved up for our primary residence and I project my investment property down payment (including reserves) will be realized in another 12 to 18 months.  

I agree that maintaining the property, requiring the tenants to notify landlord of any hazards within a set period of time, performing routine property inspections, taking pictures of property condition prior to move in, having good contracts/addendums and having adequate insurance are going to provide good asset protection.  

So go ahead and make that money BP but at the same time develop a sustainable plan to maintain a steady lifestyle and keep that money!

For us we are successful because we have a larger suburban based management operation that includes commercial and it allows us to use just one back office to maintain our non field costs across both sides.  

I've heard things ranging from "15% of gross rent" to "$2 per square foot to maintain in its current condition + $0.50 per square foot to be put in savings for a rainy day fund".Obviously you need to go in more depth when seriously considering a deal... but what is the rule of thumb that YOU tend to follow when estimating maintenance expenses?

Nor, does it tell you what it takes to manage and maintain occupancy for those apartments.  

In the buy and hold game its as important your property is attractive, easily maintained and well located - as it is what you pay for it. 

I then ask them how the inside of their building looks...yeah, not as pretty and maintained.

I have had some investments in commercial property in Indiana in the past (and maintaining one there at this time, in a strip mall).