Unlike single family homes, if you increase the NOI on an apartment building, you have instantly increased the value of the building by a nearly exponential amount (exactly how much depends on the going cap rate for the area).

If you have another car you use for personnel you might be able to use the whole amount. 

Mass amounts of thank you for this knowledge.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

Is there a rule of thumb for setting a reserve amount? 

I don't have a huge amount of money saved, and would prefer to not use any cash if I can.  

I have a friend who is from Ghana, he has money there and has shown interest in investing with us, but isn't sure how to bring large amounts of money in, without it raising red flags. 

That dollar amount looks like about what someone might have in a self directed IRA, to me.

They simply have a balance sheet with a number (amount in negative) they are at and want to get that as close to zero as they can. 

It did seem like good cash flow for the amount I needed up front but without a driveway, I'm not sure how that would affect my ability to rent it.