Until you figure out what direction you want to go, just keep saving and building reserves.

Keep this in mind as well cash is king and being cash fluid is a good thing when buying more investment properties due to the PITI monthly reserves requirements by most banks/lenders. 

In our experience, the #1 mistake landlords make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

@Jessica Ponder, beyond potential issues with the costs of the loans noted above, there are some things to think about with the reserves.  

A lot of what you are proposing is pretty complex - especially if you have little experience, average credit, and little reserves.  

Hello everyone, I am analyzing multifamily deals using a modified spreadsheet I found online, and the spreadsheet has a reserve account that is taken directly out of of the NOI called "Replacement Reserve".

Your reserves would cover that, barely, but then landscaping is not covered, appliance repairs, plumbing repairs, HVAC repairs, roofs, gutters, kitchen remodels, etc.  

Try to collect utilities data, insurance, taxes, repairs & Maintenance, reserves and annualize these.

I've been assigned a loan officer who confirms it to be valid.Trust but verify, they say.

I typically see 7-10% reserved for this. 4.