But I will be saving all excess cash for repairs until that account has $5,000 in it.

However, it is a very poor indicator of investment worth, useful only as a "bird's eye view", and only as a very, very loose guideline.  

That does sound excessive.  

Like mentioned above and specifically by @Jon Holdman there are lots of ways to loose your foreign funds in the US.Unfortunately, I see this on a somewhat regular basis.  

Choosing an out of state investment in a city (seemingly) at random is a good way to loose money.

Locally if late fees got to be around 10% of the rent amount for that month my attorney recommended stopping there, as a judge might not look favorably on that (excessive late fees).

I would keep a rainy day fund no matter what and use whatever excess cash from that point on to continue to purchase property. 4.

Condos scare me.  1. you compete with apartments with big pocket 2. condos are first to loose value and last to gain (university locations may buck this trend) 3 limited buyer pool as opposed to sf because of shared walls, no yard, everything houses have but apartments dont 4 I like to decide when and by whom my maintenance is done (often me).   

MGL c.186 § 15B(1)(b) states that “at or prior to the commencement of any tenancy, no lessor may require a tenant or prospective tenant to pay any amount in excess of the following: (i) rent for the first full month of occupancy; and, (ii) rent for the last full month of occupancy calculated at the same rate as the first month; and, (iii) a security deposit equal to the first month’s rent provided that such security deposit is deposited as required by subsection (3) and that the tenant is given the statement of condition as required by subsection (2); and, (iv) the purchase and installation cost for a key and lock."

The tank is only designed to hold solids and then the excess liquid is continually being cycled through and out of the tank as you add more water.