Like mentioned payroll can bleed your cash reserves, so be very careful, & be ready to constantly feed the beast when you do add payroll.  

I would also add its really easy to underestimate expenses (capex for instance) on RE that you hold where a good operator is going to never let you even see that money (it will be in reserves) so until the end the returns on real property will look at lot better (just look at COC for most investments vs.

Reserve at least one for your local area, to keep up with conversations and connect with investors in your area.

Recently the HOA was required to complete a new reserve study in order to keep a minimum percentage of reserves. 

I would also recommend having at least three (3) months in reserves to make sure if any repairs come into play.

However, in our application process we reserve the right to request such a check.

Thus far we are getting the most reservations from VRBO/HomeAway, although we are gaining significant traction with AirBnB lately. 

Because of the sweep, the new head of the Federal Reserve Oversight Committee is.....Ron Paul.What are your thoughts?

And your risk is much less than the 90% leverage guys.Keep 6 months in reserve, plus a fund for major problems, plus a bit extra, and you should be ok, not overleveraged.Just my two cents.

Welcome to fractional reserve banking.So they pay you 10c interest per month but collect $5 per month in interest on the loan.