I actually use 10% of the gross rents whatever that number is.Instead take that $3000 at the beginning of the lease and put into Crowdfunding account for 11-12 months @ 7-8%.If a capex item or repairs comes up in inside the lease term, use a 1% cash back credit card to pay for the repair, and use cash flow to pay down the CC until the Crowdfunding contract matures, usually 11-12 months if you can find one like PeerStreet is what I use (1K mins).Now this assumes you have the full maintenance reserve set aside up front and that your cash flow can handle the $250 or 10% a month reserve to begin with, but I always factor that in.Basically I'm leveraging my maintenance reserve for short term private funding and not letting it sit in a checking or savings account at .05%.  

The property took water in the first floor and sits across the water. 

This proves they are actually managing the property (rather than charging you for sitting on a swivel chair in an office) and it gives you a good idea that your properties are OK.

I would wait until you (a) know what you're going to do with the money- like maybe partner up or (b) have enough cash-out for your next investmentOtherwise, you're just paying $4,000 closing costs for $14,000 that's just going to sit around not collecting much interest.  

Anyway, I'm tired of sitting back and waiting for the phone to ring.

I came across a vacant property that has been sitting for years.

The owner is out of town and half completed the rehab 7 years ago and its just been sitting.  

That deal didn't work out and my initial $10k deposit still sits with the sellers attorneys.

Many people envision sitting around in jacuzzis and jetting off to Fiji, but talk to *anyone* who has massive wealth and they will tell you that without a purpose in life that is going to get old really fast.

If any part of your building sits on the lower elevation, however, you'll end up requiring flood insurance, so not worth the effort unless you believe your whole building is high enough.