My recommendation in this type of endeavor is to always check your numbers. 

Do you have any idea what an appropriate amount of reserve is for an endeavor like this?

Good luck in all your endeavors!

Our first endeavor will be purchasing our first rental property in all cash, moving into it, redoing it and refinancing it.

@Nikki Robinson  Welcome to you Nikki, and good luck on your endeavors!  

I look forward to doing business with you.I'll be looking to rehab/flip homes in Oakland, San Leandro and Berkeley as I go forward so if you have any motivated sellers in these areas, let me know and I'll keep you in the loop on future endeavors as well!"

I am also looking into getting involved with some local REIA groups in my area as well as the surrounding areas to help me get started in my endeavors, so if anyone knows of some good meetings in and around the Olympia area, I am open to any suggestions.

Good luck to you in your endeavors, and don't forget our real estate investor's mastermind group, http://www.meetup.com/New-Mexico-Real-Estate-Mastermind-Group/. 

Good luck with your endeavors.

I often find great short sales at http://www.uslandco.comgood luck on your real estate endeavors