To clarify - For me reserve just means liquid investments.

Compare those owners with younger owners who have higher incomes and more desire to build large reserves for the future with the older folks who won't see the future and you can see the problem.

I recommend establishing a reserve fund for major turnover expenses, capital repairs like a roof replacement, etc.

Additionally I want to keep reserves for small cosmetic Renovations as needed.

But it is more than down payment, it is also any reserves.  

Some advice on HELOCs:Only use 50 percent of the total amount you have available and earmark 15k of that for reserves.

A realtor who used to have a PM company called "JBS Realty" until this month.He used to manage 8 of my properties and is currently refusing to pay out multiple 5-figures worth of rents/property reserves/security deposits/unpaid utility bills owed. 

I believe you keep the reservations, but you must pay Evolve a fee for every reservation made while they were "managing" the property.

Cancelling an existing full or partial reservation to book outside of Vrbo.

Unit 3: $800 + utilities Total: $2,825Expenses:PITI: $980General Maintenance: $50/monthMaintenance Reserve: $143/month Other Fees (admin stuff like LLC, registration fees, etc): $70/monthTotal:  $1,243.Monthly Cash Flow: $1,582Cap Rate: 13.5%Cash on Cash Return: 45%I appreciate any feedback or advice on this deal as I am just starting.