I use post it notes to write down who and what company is at an address, and to mark down reservation dates. 

General assumptions I am making thus far include (assume duplex on deal below though per unit figures provided to generalize how I'm analyzing anything in the 2-4 unit range):Financing:-3.5% - 10% downpayment (depending on total capitalization), 4.65% interest rate o/ 30 year term-1.75% upfront PMI required, with 0.8%/year amortized into loan payments for ongoing PMI-3% plug for closing costs-2% of loan amount for financing fees-8% vacancy/collection loss-$450/unit/year insurance-7.5% Mgmt Fee on gross potential income-$500/unit/year for R&M-$300/unit/year for capital reserves-All utilities pass through to tenant-$30/month for landscaping-$40/month for pest controlAs mentioned, my cash flow after debt service on nearly all deals I look at (after adjusting the brokers' 20% expense ratio up to the 40-45% I am comfortable with) turns out negative or nearly $0/month, making me question whether the selling prices are absurdly high right now, whether my assumptions are far too conservative, or whether levering a deal to 90-96.5% (utilizing FHA 3.5% or anything up to 10% down) prevents anything from working due to the high monthly cost of financing which includes PMI.

I have over 300 days reserved for this year.

The news of airbnb hosts taking it on the chin, especially those that overpaid, under reserved and in general didn't practice sold business practices, is wide spread. 

I am always a believer that you hold some back as a reserve, so you put in the seed money, hold back a reserve, and whatever is left could be used as working capital (in addition to any lending). 

Granted, it gets more complicated when you're talking about getting taxed at ordinary income rates, etc. but to oversimplify a cash-flow positive property gives you 1.) reserves for the unexpected and 2.) potential seed money for your next acquisition.

At this point, my reserves will be pretty much wiped out for the time being, but we'll be cash flowing nearly 3k gross per month without mortgages, and looking to scale further.As I'm now into this journey to financial freedom, I'm asking the experts for opinions on what's next. 

Is it time to develop cash reserves to buy and hold, time the bottom of the market, or BRRRR? 

I have helped and witnessed way too many soldiers who lack the reserves to deal with vacancies and repairs from a distance in addition to property managers taking advantage of them from thousands of miles away.

Thomas S. makes a very good point if you have the reserves to take the income hit straight away and can afford to fix any deferred maintenance issues.