The proper method of calculating cash flow is all expenses, to include setting aside reserves for maintenance, capital expenditures, vacancy, etc.

I also have a text confirmation from the tenant the day of that he's good with us going in to look at the property and that no one was at the property.

As long as you have extra reserves given the volatile nature of the world right now, I would continue to invest.

Just for a little more context, my property manager says that I should have to pay for the return since I agreed to the return, and my reserves should cover it for when things like this arise. 

It really depends on the HML, some say 20% other wants you to have reserves. 

Builders Risk is a property coverage usually reserved for new construction. 

If you need to confirm with a good reputable lender then please reach out to me.

If you play around with the numbers you can try to maximize cash out and keep it cash flow neutral, assuming rents don't go much below where they are now.Your tenants would be paying down the mortgage and you would potentially be making money on that equity.Of course you want to be responsible and have ample reserves.

If you're buying a multi, you'll want to have some cash in reserves too.

Sometimes I'll get an attorney and they want a contract so I put together a one page document with the relevant facts and they are happy.For everyone else I use email to confirm the details.I still have my STR insurance policy.I also have control of the thermostats and water heater via wifi.